In December 2018, Access Bank and Diamond bank announced that they will be merging their two banks into one entity. According to the announcement, the merger scheme will see Diamond Bank transfer all its assets, liabilities and undertakings to Access Bank. The merger scheme will also see the entire issued share capital of Diamond Bank cancelled. After the announcement was made, several proceedings have been going on to make the merger official and legal. Well, the merger scheme has been made official and has been approved by the court.
About the Merger Scheme Access Bank and Diamond Bank
Last week Access Bank in a corporate disclosure stated that they had received the court sanction of its merger with Diamond Bank. This means that the courts have finally legalized the merger. This means that Access Bank and Diamond Bank have legally and officially become a single entity. Following the court’s approval, the stock regulator placed Diamond Bank on a full suspension to allow the banks to determine what the shareholders will be entitled to receive and at what rate.
The merger of Access and Diamond Bank will officially kick off on the 1st of April 2019. According to Business Post, the management of Access and Diamond Bank have agreed to change their identities. The new identities will reflect the two brands. Access would change its logo and some of its brands, they will retain some of Diamond Banks products.
About the Access Banks New Brand Identity
The new logo and the brand’s new identity has been kept a big secret. But news recently broke by business post showing a sneak peek at what the new logo may look like. A business post source who claims to be very close to the merger deal recently released a picture of what the new brand logo may look like. The alleged new logo retains Access banks white, blue and orange colours but removes Access’s iconic arrows. It replaces the Access’s iconic arrows with Diamond Bank’s structural spiral symbol. What do you think about the new logo? Please share your thoughts below.
Article Source: Business Post