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Diamond Bank: Panic withdrawal, resignation trail acquisition saga

by Armada News
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By Baron Ike

 

Diamond Bank may have been hit by panic withdrawal and resignation following the report of merger and acquisition that has been trending in the media since Monday.

 

Most staff of the bank are said to be telling their customers and relatives to pull their funds, and that is made worse by the resignation of some personnel since the development.

 

Some of the bank’s branches are experiencing unusual traffic in their halls while the ATM machines are witnessing abnormal traffic.

 

A customer at the GRA Ikeja branch told Armadanews.com that she “learnt the bank is having issues.”

 

A former staff of Diamond bank who left for one of the new generation banks told Armadanews.com on Tuesday that her friend in Diamond Bank “resigned yesterday”.

 

She said though there may be panic withdrawal Diamond bank will not go under the way it is being speculated. “At worse, the Polaris Bank situation will apply. Customers will continue to get their money because the Central Bank of Nigeria and the NDIC will always see to that.”

 

She regretted that Diamond Bank is having issues, but observed that though the bank and Access Bank have denied ongoing merger and acquisition talks, “something will eventually give, but necessarily the way it is being speculated.”

 

She added: “The pulling out of two major investors in Diamond Bank and the manner the MD is running the place are actually causes for worry.”

 

The Diamond Bank on Monday denied any talks with Access or any other financial institution over merger or acquisition.

 

Media Relations Officer of Diamond Bank, Ezechinyere Anyanwu said there was no such thin g in a statement he issued on Monday.

 

 

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