THE NEW ACCESS BANK? NOT SO FAST!
Dear Africa Interested Professionals: Access Bank has completed its acquisition of Diamond Bank . This is the second 'sick' Nigerian bank that Access Bank has acquired in the past seven years with the help and approval of the Central Bank of Nigeria. The first one was Intercontinental Bank. Find below things to ponder on: 1. The new Access Bank will in a month's time - May 2019, have to pay $209,000,000 ( N 75.2 Billion) as final payment to Diamond Bank's 2014 Eurobond holders. The principal of $200,000,000 and final semi-annual interest payment of approximately $9,000,000 (N3.24 Billion) . This figure is more than the total net interest income (before impairment charges) generated by Diamond Bank for the first three quarters of 2018. The figure is also more than the depreciated value of all the plant, property and equipment (PP&E) on that Diamond Bank had as at September 2018 of N68.2B . Access Bank is going to bear the brunt of this repay