It’s a deal that few saw coming – or in any case not as fast as it did. The planned merger of Nigeria’s Access and Diamond banks, announced late last year, could be transformative for the country’s banking sector.
The merger, if approved by shareholders and regulators, would create Africa’s largest bank by customers – 29 million – and Nigeria’s largest bank by assets, ahead of long-term leader Zenith Bank.
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Herbert Wigwe, |
Speaking exclusively to Euromoney in late January, Access Bank’s chief executive, Herbert Wigwe, and his closest adviser, Bolaji Balogun at investment bank Chapel Hill Denham, highlight the transaction’s importance.
Asked what is appealing about Diamond Bank, Wigwe cites its large retail business of 19 million customers, the quality of its digital offering and its successes in financial inclusion.
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