GBOLABO AFUWAPE
Bank account holders and depositors of Diamond are showing excitement over its merger with Access bank which is currently creating fear of job loss among the Workers.
While customers see it as a win-win for them, InsideBusiness findings show that the Workers fear that the management could prune down the numbers of staff as seen in previous mergers in the industry.
During a random visit to various branches of Diamond bank in Ikeja, various account holders and depositors expressed that they were initially scared when it was speculated about a months ago but noted that the merger with a vibrant bank like Access bank will secure their deposits.
Findings At Diamond bank branches on the Lagos mainland on Tuesday morning show some customer service staff of Diamond bank were unclear about the state of affairs and the implications of the merger.
Shareholders of Diamond bank welcomed the share reconstruction proposed by both Access bank and Diamond bank as being a great deal.
In a chat with InsideBusiness, the President of Progressive shareholders association of Nigeria (PSAN), Mr Boniface Okezie opined that what has happened is just a business combination.
“Access bank is offering the shareholders of Diamond bank, two shares of Access bank for seven of Diamond bank, and that is a very great deal for the shareholders of Diamond bank. With the share of Diamond bank trading for around N1 as at today, while that of Access bank is selling at about N8, having two share of Access bank for seven of Diamond bank is a very good beneficial position for shareholders” he said.
He further said “In addition, Access bank is also paying N1 per share that they have taken over as cash consideration, so it’s a very good deal for Diamond bank shareholders. Also with the merging to Access bank, will wipe off the little skirmishes here and there in Diamond bank to create a healthier bank, so as to guide against a repeat of what played-out which sank Skye bank”.
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