APRIL 26, 2018 – Diamond Bank Plc has divested its 100 per cent holding in its UK subsidiary, Diamond Bank UK.
According to Reuters, the Tier 2 lender signed share sale and purchase agreement with member of GFG Alliance, for disposal of its entire shareholding in its UK subsidiary.
The bank had announced last November that it was quitting other West African markets to focus efforts at home and deploy its resources on personal banking business in the country.
In a statement, Diamond Bank’s Chief Executive, 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,” adding that the lender wanted to apply its resource to Nigeria to develop a profitable technology-driven retail banking business.
Dozie said Nigeria’s unbanked population and the rise of cost-effective digital banking platforms provided it with the opportunity to reach millions of customers in a market where it already had over 15 million clients.
