Nigerian lender Access Bank and peer Diamond Bank plan to merge for a total consideration of 72.5 billion Nigerian nairas ($200 million).
Under the terms of the deal, Access Bank will buy the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access.
The potential merger of the two banks is expected to form Africa’s biggest bank by customers.
Both Diamond’s and Access’s share prices rose by nearly 10 percent on the day of the merger announcement.