Diamond Bank Plc is set to sell its West African banking operations to Manzi Finances S.A., a Cote d’Ivoire-based financial services holding company, in order to focus on Nigeria’s significant retail banking opportunity.
The bank said on Friday that it had agreed to sell its operations in Benin, Togo, Cote d’Ivoire and Senegal.
According to the lender, regulatory approvals have been obtained in all jurisdictions for the transaction, which is anticipated to close before December 31, 2017.
By focusing its resources exclusively on Nigeria, Diamond Bank is poised to capitalise on the positive macro fundamentals inherent in the Nigerian market. These include Africa’s largest economy and evolving socio-economic trends driven by changing lifestyle preferences in favour of mobile-delivered services, and a culture of innovation and entrepreneurship.
Commenting on the transaction, the Chief Executive Officer, Diamond Bank, Uzoma Dozie, told Reuters, “After 18 years of building the Diamond Bank franchise in other markets in West Africa, the time has come to fully apply our resources to Nigeria. This is aligned with the bank’s strategic objective to be the fastest growing and most profitable technology-driven retail banking franchise in Nigeria.
“We are prioritising the Nigerian market because of its vast potential. A large segment of the population is under-banked or unbanked, and the use of technology and mobile banking is rising exponentially. This provides Diamond Bank with the opportunity to reach millions of people and facilitate financial inclusion on an exceptional scale.”