Following the signing of the memorandum of agreement and the announcement of headline terms which valued Diamond Bank N72.5 billion and will see her shareholders go home with about N3.13 per share in cash and share, the acquisition will further increase the N2.412 trillion net assets value of Access bank in 2015 and will also increase her rating among the top five banks in Nigeria in terms of assets, loans, deposits and branch network.
Access Bank Plc has over the years demonstrated keen desire to becoming the largest commercial bank in Nigeria and Africa at large in terms of her customer base and network of branches. The conclusion of similar deal in 2011 which made Intercontinental Bank Plc one of her subsidiaries and shot the number of her branches to about 305 nationwide with presence major cities and also in some other countries.
With the crossing of T’s and dotting I’s left in perfecting the acquisition of Diamond bank expected to be completed in the first half of 2019, Access bank will in no doubt be in contest of becoming the leading banks in terms of branch network with well over half a million branches in major cities across Nigeria and obviously will positions her as one the biggest customer-based bank in Nigeria and even beyond.
With the above statistics, the acquisition will among other things bring to bear their comparative advantages which will further be leveraged on in furthering her course of qualitative and unmatched financial services for her numerous clienteles and the country at large. This may also see Access Bank becoming the leading banker of some major blue chip companies domicile do with Diamond Bank prior to the acquisition.
Having highlighted some these anticipated derivatives from the acquisition, it is therefore expedient to further narrow them down to their host cities cum community which Alimosho plays a pivotal roles, first by her demography and her current surge in commerce and industries leading to emerging as the new Lagos business haven. The perfection of the signed memorandum of agreement on or before the end of June 2019, Alimosho and environs will hosts of over 20 branches within about 6km from each branch which analysts believe is quiet healthy for the over 5000 SMEs/SEMEs within. Diamond Bank over the years has proved her consistency in the leadership of best supporting SME bank which the acquisition automatically transferred to her acquirer (Access Bank Plc). These among other financial services will her numerous customers within Alimosho LGA and environs will be exploring to further strengthen the business climate. This in no doubt represents a good ratio for both the banker and her customers.
Though these number of branches within the environs of Alimosho are still short of the required In the event that the current operational branches are retained there is the need for Access Bank Plc to review the entire locations to identify those areas that require introduction of new branches or smaller cash office to maximize the bankable potentials of Alimosho LGA. Some of these areas may include Ijegun/Isheri, Igando, Command etc. and some of the border line communities with Ogun state. Alimosho obviously will be positioned to becoming the most banked community in Nigeria which will in turn be a mutual benefit.