Nigeria Now Has A New Big Bank After Access-Diamond Bank Merger

Access Bank Plc is now Nigeria’s biggest lender after its takeover of Carlyle Group LP-backed Diamond Bank Plc. Lagos-based Access leapfrogged FBN Holdings Plc and Zenith Bank Plc as its assets rose 31 percent to $18 billion. It still has a way to go before becoming the most profitable bank in Africa’s main oil producer: its first-quarter net income of $112 million trailed Zenith and Guaranty Trust Bank Plc, which each made about $135 million.

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