Diamond Bank divests 100% holding in UK subsidiary

Diamond Bank Plc has signed a Share Sale and Purchase Agreement with a member of GFG Alliance, for the disposal of its entire shareholding in its international subsidiary, Diamond Bank (UK) Plc.

A statement yesterday signed by the Company Secretary/Legal Adviser, Uzoma Uja said the disposal is in line with of streamlining focus resources opportunities in banking market.

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

The Bank and GFG Alliance are committed to, and are pursuing a the Bank’s objective its operations to on the significant the Nigerian retail quick completion of the transaction subject to approval of the Financial Conduct Authority and Prudential Regulation Authority who regulate banking business in the United Kingdom.

Commenting on the transaction, Diamond Bank’s CEO Uzoma Dozie 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 optimize 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.