Di­a­mond Bank ex­tends Otti’s ten­ure, ap­points two deputy MDs

Daily Trust - - NEWS - Alex Otti From Kay­ode Ekun­dayo, La­gos

The Board of Di­rec­tors of Di­a­mond Bank Plc has an­nounced the ex­ten­sion of the ten­ure of of­fice of the bank’s Group Man­ag­ing Di­rec­tor and Chief Ex­ec­u­tive Of­fi­cer, Alex Otti, for three years.

The ap­point­ment took ef­fect from March 2014.

The bank, in a state­ment, also an­nounced the ap­point­ment of Caro­line Anyanwu and Uzoma Dozie, who were both Ex­ec­u­tive Di­rec­tors at the bank, as Deputy Man­ag­ing Di­rec­tors.

This is the first time the bank has ap­pointed Deputy Man­ag­ing Di­rec­tors since it was es­tab­lished about 23 years ago.

In ad­di­tion, the bank pro­moted 473 other mem­bers of staff, fol­low­ing the con­clu­sion of staff per­for­mance eval­u­a­tion for 2013.

The ex­ten­sion of Alex Otti’s ten­ure was in recog­ni­tion and ap­pre­ci­a­tion of the im­pact his lead­er­ship has had on the bank since March 2011.

In his first three years in of­fice, Otti fo­cused on steady­ing the bank which was reel­ing from the ef­fects of the global fi­nan­cial crises of 2008/2009, de­clined in size and lost its mar­ket share to com­pe­ti­tion.

The bank was also con­fronted with the chal­lenge of rais­ing additional cap­i­tal to meet the new Cap­i­tal Ad­e­quacy Ra­tio re­quired for the “In­ter­na­tional Bank­ing Li­cense” by the Cen­tral Bank of Nigeria.

Otti, who is also the Chair­man of Com­mit­tee of Bank CEOs in Nigeria, has over 25 years of ex­pe­ri­ence in the Nige­rian Bank­ing Sec­tor, hav­ing started his ca­reer in Citibank in 1989. Since then, he has held se­nior level and ex­ec­u­tive po­si­tions in United Bank for Africa, and was an Ex­ec­u­tive Di­rec­tor in First Bank Plc from where he was ap­pointed the Group Man­ag­ing Di­rec­tor of Di­a­mond Bank.

The bank was also back to prof­itabil­ity af­ter the loss of over N16 bil­lion in 2011 fi­nan­cial year, oc­ca­sioned by non-per­form­ing loan write-offs, and write down in the value of as­sets.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.