Diamond Bank shrinks, sells West African operations

Diamond Bank Plc said it has agreed to sell its operations in Benin, Togo, Cote d’Ivoire and Senegal to Manzi Finances S.A., a Cote d’Ivoire-based financial services holding company collapsing its West African banking operations in order to focus on Nigeria’s significant retail banking opportunity according to a statement from the bank. 

The bank further revealed that regulatory approvals had been obtained in all jurisdictions for the transaction, which it anticipated would close before December 31, 2017.

The collapse came after 18 years operations of the Diamond Bank franchise in other markets in West Africa according to the bank’s CEO, Uzoma Dozie, the time has come to fully apply our resources to Nigeria.” This, Dozie said aligns with Diamond Bank’s strategic objective: to be the fastest growing and most profitable technology-driven retail banking franchise in Nigeria.

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