Money

Diamond Bank Pulls Out Of UK

Uzoma Dozie

 

 

BY NKECHI NAECHE—-The management of Diamond Bank Plc, on Thursday said it has pulled out its  operations in UK through the divestment of 100 per cent holdings in Diamond Bank UK.

The Managing Director/ CEO Uzoma Dozie, however assured customers that the sale of the international subsidiaries is not expected to cause service disruptions for the bank’s customers across the world.

He  explained that the decision to shut operations in its international subsidiary is to enable it focus on Nigerian operations.

Already, the bank has signed a Share Sale and Purchase Agreement with a member of GFG Alliance, for the disposal of its entire shareholding in the UK subsidiary.

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

According to the statement by the bank, the disposal is in line with the its objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market.

“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, which regulate banking business in the United Kingdom,” the bank said.

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 optimise 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.”

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