The suspension, which takes effect from Wednesday, March 20, will enable the lender to determine shareholders that qualify for considerations in the scheme of merger between the two lenders.
According to a notice by Diamond Bank, the last trading day on the shares of the bank was Tuesday, March 19, and there will be no further trades in the shares of the bank on floor of the exchange.
"Shareholders and other investors are requested to please note that following the Full Suspension of March 20, 2019 - the last trade day was Tuesday, March 19, 2019 following which there will be no further trades in the shares of Diamond Bank Plc," the bank said in the statement.
The shares of Diamond Bank will eventually be delisted from the book of the NSE after the conclusion of the merger process.
Last year, the two lenders announced plans to merge their operations to become the largest retail bank in the continent.
Since the announcement, the two banks have obtained the approval of their respective shareholders, legal approval and regulatory approval to go ahead with the merger. The merged entity will operate under the Access Bank franchise at the end of the consolidations.
Both the Central Bank of Nigeria (CBN) and the Securities & Exchange Commission (SEC) gave their final approval to the two lenders this week to go ahead with the consolidations of the two entity.
Under the deal, Access Bank will pay a total of 3.13 naira per share to Diamond Bank shareholders, comprising of one naira in cash and two new shares for every seven held in Diamond Bank.
Access, which has been seeking to expand, agreed to buy Diamond Bank after its rival had since 2016 struggled to bolster its capital following loan losses that had forced it to sell its foreign subsidiaries.
U.S. private equity firm Carlyle is one of the main shareholders in Diamond Bank, which has a strong focus on banking for retail customers and small businesses.
Shares in Access Bank closed at 5.95 naira on Tuesday while that of Diamond Bank closed at 2.42 naira.
Last year, the two lenders announced plans to merge their operations to become the largest retail bank in the continent.
Since the announcement, the two banks have obtained the approval of their respective shareholders, legal approval and regulatory approval to go ahead with the merger. The merged entity will operate under the Access Bank franchise at the end of the consolidations.
Both the Central Bank of Nigeria (CBN) and the Securities & Exchange Commission (SEC) gave their final approval to the two lenders this week to go ahead with the consolidations of the two entity.
Under the deal, Access Bank will pay a total of 3.13 naira per share to Diamond Bank shareholders, comprising of one naira in cash and two new shares for every seven held in Diamond Bank.
Access, which has been seeking to expand, agreed to buy Diamond Bank after its rival had since 2016 struggled to bolster its capital following loan losses that had forced it to sell its foreign subsidiaries.
U.S. private equity firm Carlyle is one of the main shareholders in Diamond Bank, which has a strong focus on banking for retail customers and small businesses.
Shares in Access Bank closed at 5.95 naira on Tuesday while that of Diamond Bank closed at 2.42 naira.
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