Diamond Bank closes UK operations to ‘focus on Nigeria’

The management of Diamond Bank says it has disposed its entire shares in its UK subsidiary to a member of the GFG Alliance.

This, it said, is in line with its objectives of streamlining its operations to focus its resources on the opportunities in Nigerian retail banking.

According to a statement made available by Uzoma Uja, the company’s secretary, the assets were disposed through a Share Sale and Purchase agreement.

In 2017, the bank had divested its shares in Togo, Benin Republic, Cote d’Ivoire and Senegal stating the same reason.

Commenting on the development, Uzoma Dozie, the bank’s CEO, 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.”

The company said the sale is subject to the approval of the Financial Conduct Authority and Prudential Regulation Authority, which regulates banking operations in the UK.