Access bank plc has directed that all Diamond Bank cheques will no longer be valid for transaction at the end of this month.
Banks across the country have given notice to customers that as from 27th of Febuary, Diamond bank cheques will not be accepted for clearing at the inter bank market.
One of such notice said “This is to inform you that Access Bank Plc has directed that effective March 1, 2020, Diamond Bank cheques will no longer be valid for clearing.
Consequently, from February 27, 2020, Diamond Bank cheques will not be accepted at any of our branches.
It will be recalled that Access Bank acquired Diamond Bank on the approval of its shareholders.
Access agreed to the takeover after Diamond Bank had struggled since 2016 to bolster its capital following loan losses which had forced the bank to sell its foreign subsidiaries.
U.S. private equity firm Carlyle is one of the main shareholders in Diamond Bank, which has a strong focus on banking for retail customers and small businesses.