Diamond Bank Plc 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.
The transaction follows the bank’s divestment from its West African business, Diamond Bank S.A., which was completed in November 2017.
The company secretary/legal adviser, Uzoma Uja in a statement said 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 bank and GFG alliance 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.
Diamond Bank’s chief executive officer Uzoma Dozie said that Diamond Bank’s strategic objective is to be the fastest growing, and most profitable technology-driven retail banking franchise in Nigeria.