Diamond Bank to Divest W’African Subsidiaries

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Diamond Bank Plc over the weekend announced, it is selling its West African banking operations in order to focus on Nigeria’s significant retail banking opportunity.

According to a statement, the bank has agreed to sell its operations in Benin, Togo, Cote d’Ivoire and Senegal to Manzi Finances S.A., a Cote d’Ivoire-based financial services holding company.

It further revealed that regulatory approvals had been obtained in all jurisdictions for the transaction, which it anticipated would close before December 31, 2017.

Commenting on the transaction, Diamond Bank’s CEO Uzoma Dozie said: “After 18 years of building the Diamond Bank franchise in other markets in West Africa, the time has come to fully apply our resources to Nigeria.” This, Dozie said aligns with Diamond Bank’s strategic objective: to be the fastest growing and most profitable technology-driven retail banking franchise in Nigeria.

He said, Diamond Bank already has a foundation for growth in Nigeria with over 15 million customers. We also have a framework in Nigeria that will allow us to scale rapidly, efficiently and cost effectively.