Diamond Bank to sell its UK banking operations

Diamond Bank Plc is finalizing arrangements to sell off its UK banking operations, Diamond Bank UK, in order to focus on Nigeria and its significant retail banking opportunity.

As part of the process, Diamond Bank has signed a Share Sale and Purchase Agreement with a member of GFG Alliance, for the disposal of its entire shareholding in Diamond Bank UK.

It should be recalled that the bank had in a similar transaction, sold off its West African business operations across Benin, Togo, Cote d’Ivoire and Senegal in November, 2017.

The Completion of the UK transaction is however, subject to approval from the Financial Conduct Authority and Prudential Regulatory Authority � the regulators responsible for banking in the UK.

By focusing exclusively on Nigeria, Diamond Bank is seeking to capitalize on the vast growth opportunities presented by Africa’s largest economy.

Once the deal is completed and sealed, Diamond Bank will no longer own any international subsidiaries, bringing to reality, the Bank’s dreams to focus solely on Nigeria.

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 us to optimize resources by divesting from non-core assets, and focusing exclusively on the Nigeria’s highly attractive market.

The commercial opportunities for Diamond Bank in Nigeria are vast, due to its positive fundamentals including millions of people who are either underbanked or unbanked, high mobile phone penetration and the continent’s largest economy.

International customers of the bank are, however, ensured of continued enhanced and convenient banking services through Diamond Bank’s digital channels as the sale of these international subsidiaries is not expected to cause service disruptions.

Source: Voice of Nigeria