26 April 2018

Nigeria: Diamond Bank Ends UK Operations

The management of Diamond Bank Plc on Wednesday said the bank has divested its 100 per cent holdings in Diamond Bank UK.

The decision to shut operations in its international subsidiary, the bank said, is to enable it focus on Nigerian operations.

The bank announced that it has signed a Share Sale and Purchase Agreement with a member of GFG Alliance, for the disposal of its entire shareholding in the UK subsidiary.

The transaction followed the bank's divestment from its West African business, Diamond Bank S.A., which was completed in November 2017.

A statement by the bank said the disposal is in line with the its objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market.

"The bank and GFG Alliance are committed to, and are pursuing a quick completion of the transaction subject to approval of the Financial Conduct Authority and Prudential Regulation Authority, which regulate banking business in the United Kingdom," the statement explained.

In his reaction, Diamond Bank's CEO, Uzoma Dozie, assured that the sale of the international subsidiaries is not expected to cause service disruptions for the bank's customers located around the world as they can continue to enjoy enhanced and convenient banking services through the Bank's digital channels.

He said, "Diamond Bank's strategic objective is to be the fastest growing and most profitable technology-driven retail banking franchise in Nigeria.

"This strategic intent requires the bank to optimise the use of its resources which means, where necessary, divesting from its non-core assets and focusing on the priority area, namely Nigerian retail banking.

"In recent years, the Bank has laid the foundation for growth in Nigeria with acquisition of over 15 million customers, many of whom are owning bank accounts for the first time."

Mr Dozie explained that the Nigerian market has vast potential due to its strong fundamentals, including millions of people who are either under-banked or un-banked

He said it has also changed lifestyles that favour the use of mobile devices to complete multiple financial transactions at the consumer's convenience.

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