Diamond Bank Divests Its 100% Holding in Diamond Bank UK; To Focus on Nigeria

Stock & Analyst Updates
6525 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

Thursday, April 26, 2018  09:33 AM / Diamond Bank Press Release 

RECALL: Diamond Bank Plc Announces Planned Divestment from Diamond ... Nov 3, 2017 

Diamond Bank Plc (“the Bank”) 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 (“DBUK”). 

The disposal is in line with the Bank’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail 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 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. 

The Nigerian market has vast potential due to its strong fundamentals, including millions of people who are either underbanked or unbanked, and changing lifestyles that favour the use of mobile devices to complete multiple financial transactions at the consumer’s convenience. This is also underpinned by significant economic potential driven by an entrepreneurial spirit, and a growing culture of innovation. 

Moreover, by harnessing technology and fostering a digitally led approach, the Bank will have further positive impact on the overall development of the financial system, and the Nigerian economy in general.”

Proshare Nigeria Pvt. Ltd.

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. 

Proshare Nigeria Pvt. Ltd.

Related News

1.      DIAMOND BANK PLC – Proshare IR Portal

2.     Diamond Bank Plc Announces Planned Divestment from Diamond ... Nov 3, 2017

3.     Diamond Bank Plc Announces Delay in Filing FY 2017 Financial ... Apr 4, 2018

4.     Diamond Bank Plc Announces Board Meeting Date and Closed Period Feb 23, 2018

5.     Fitch Affirms Diamond Bank at ''B-''; Outlook Negative - Proshare Feb 9, 2018

6.     DIAMOND BANK PLC'S NINE MONTHS 2017 IR PRESENTATION

7.     Diamond Bank Q3 2017 Results: Impact of Divestment on Underlying ...  Nov 7, 2017

8.     Diamond Bank Plc Q3 2017 Conference Call & Call Earnings Presentation  ... - Proshare  Nov 6, 2017

9.     Diamond Bank Plc Reports Q2 2017 Results – OPEX Grew by 13% YoY  Jul 28, 2017

  1. Access Bank Reports Q1 2018 Results – Provisions Spiked by 55% YoY
  2. Access Bank holds 29th AGM, pays 0.40k dividend to shareholders
  3. Unilever Nigeria Plc Q1 2018 - Is Unilever Topping Out?
  4. Unilever Nigeria Q1 2018 Results Review - Retaining Underperform Rating
  5. UBA Plc Q1 2018 - Upgrading to Outperform Post Recent Weakness
  6. LAFARGE Africa Plc: Still Navigating Murky Waters, BUY Rating
  7. Dangote Cement Plc Q1 2018 - Improved Margins Underpin Earnings Growth
  8. GTBank Q1 2018 Results Review - On Track to Meet 2018E PBT Growth Guidance
  9. Stanbic IBTC Holdings - No Change In View Given Underlying Q1 2018 Results
  10. Nigerian Breweries Reports Q1 2018 Results - PBT and PAT Declined By -13% and -11% YoY Respectively
  11. Stanbic IBTC Directors Recommend 50 Kobo Dividend for Approval at the 6th AGM
  12. UBA Reports Q1 2018 Results - PAT Grew by 45% YoY, Thanks to Strong OCI Gains
  13. Lafarge Africa Plc Reports a Pretax Loss of N2.9bn in Q1 2018 Results
  14. Seplat Plc Board Approved Q1 2018 Financial Results
  15. Unilever Plc Q1 2018 – Better Than Expected Revenue And Lower Opex Margin Offset Weaker Gross Margin
  16. STANBIC Reports Q1 2018 Results – Operating Expenses Up by 47%
  17. Total Nigeria Q4 2017 Results Review - Neutral Rating Maintained
  18. 11 Plc Q4 2017 Results Review: One-off Costs Weigh on 2017 Earnings
READ MORE:
Related News
Proshare
Proshare
Proshare
Proshare
SCROLL TO TOP