Access Bank acquires Diamond Bank, to expand Africa’s market

An Access bank signage is displayed on the roof of the bank's building along Herbert Macualay way in Abuja, Nigeria. [Photo: Reuters]

LAGOS - Nigeria’s Access Bank has agreed to takeover mid-tier rival Diamond Bank, the lenders said on Monday, in a deal both said would create Africa’s largest bank by customers.

Nigerian banks have been trying to raise fresh capital after huge loan losses worsened by an economy that is recovering from its first recession in 25 years.