MON, DECEMBER 03 2018-theG&BJournal- Diamond Bank Plc is preparing to launch a major push for stronger growth in the quarters ahead after it unveiled its strategic plan to operate as a National Bank following the approval of The Central Bank of Nigeria (CBN) on its request to re-focus nationally.
‘’With this approval the bank will cease to operate as an International Bank,’’ the banks management said.
In 2017 the bank disposed its West African Subsidiary, and is currently in the final stages of sale of its United Kingdom subsidiary. The application to operate as a National Bank is however subject to conclusion of sale of Diamond Bank UK (“DBUK”).
Diamond said that the re-licensing as a National Bank supports the Bank’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and economy as a whole. But it is also a stark reminder of the burden it placed on itself while it operated as an International Bank.
According to Diamond Bank, its change to ‘National Bank’ status will enable it to maintain a lower minimum capital requirement.
‘’This creates headroom for stronger growth in the quarters ahead through customer acquisition and expansion of loans to the critical sectors of the economy.’’
It noted that the development does not affect the bank’s ability to offer services to its clients in international locations.
‘’Top quality services to international customers will continue through its digital channels (Diamond Mobile, Internet Banking ,etc.) and network of correspondence banks,’’ the Bank said.
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