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Why NSE suspended trading on Diamond Bank shares

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The Nigerian Stock Exchange (NSE) on Wednesday suspended trading on the shares of Diamond Bank, following the Court Sanction of the Scheme of Merger between Access Bank Plc and Diamond Bank Plc.

The Exchanged explained in a release that the suspension was part of requirements to determine the bank’s shareholders who will qualify to receive the Scheme consideration.

Diamond Bank had obtained the Court Sanction of the Scheme of Merger on Tuesday, having had shareholders approved the merger between Diamond Bank and Access Bank Plc at the Court Ordered Meeting of the Bank on March 6, 2019.

At the conclusion of the merger, Diamond Bank Plc from the Daily Official List of the Nigerian equity market.

Diamond Bank and Access Bank on December 17, 2018 announced their plan to merger, which would produce Africa’s largest bank in terms of customer base.

Before the suspension Diamond Bank shares, it stock has appreciated 13 per cent this year to N2.40.