Nigeria: Diamond Bank Seeks Approval to Float U.S.$400 Million Rights Issue

22 May 2014

Diamond Bank Plc is seeking regulatory approval to raise between $300 million and $400 million via a rights issue from existing shareholders. The bank's Chief Finance Officer, Mr. Abdulrahaman Yinusa, disclosed this to Reuters yesterday.

"We are in the process of filing with the relevant regulatory authorities for a rights issue, which we expect to be concluded by third quarter, Yinusa said.

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