Stella Dimoko Korkus.com: Diamond Bank To Sell West Africa Branches To Focus On Nigeria

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Saturday, 4 November 2017

Diamond Bank To Sell West Africa Branches To Focus On Nigeria

Nigeria's Diamond Bank is quitting other West African markets to focus efforts at home and deploy its resources on personal banking business in Africa's biggest economy, it said on Friday.




Several Nigerian banks expanded abroad than a decade ago, encouraged by rising commodity prices and seeking to capitalize on a growing middle class in the region. But prospects have dimmed with a sharp fall in commodity prices since mid-2014 that triggered currency crises in some markets and turned loans sour.


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," Diamond Bank Chief Executive Uzoma Dozie said in a statement. It said it wanted to apply its resource to Nigeria to develop a profitable technology-driven retail banking business.


The bank said on Friday it had agreed to sell its operations in Benin, Togo, Cote d'Ivoire and Senegal to a Cote d'Ivoire-based financial services company Manzi Finances S.A. for 61 million euros. It expects the deal to close this year.


From Reuters

8 comments:

  1. Diamond bank is learning the hard way. After the way it treated it's staff that they left to other banks? They are now looking for fresh graduates. They don't care about customer's complaints, now they need to close operations in other countries? Lol. Shaking my head. Instead of them to look inwards and see that the management of the bank is its problem.

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  2. They should please stop removing N100 from my account for God knows what everytime I open their online banking app. It's very very annoying.

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  3. I'm so shocked. This sounds like a step bacowards.

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  4. Thank GOD I stopped banking with them since 2007... Useless bank

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  5. They are shutting down operations in 3 West African countries, I am very sure is because of strict measures by the government of these countries to ensure that proper corporate practices is sustained, no contract staffing, no cutting corners, no tax evasion, law of contract is dully followed etc., but all these are allowed in Nigeria, workers interest are not protected in Nigeria. SMH

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  6. Diamond bank me i have nothing to say oooo.... Just make my mobile app start working already, so tired of going to all your branches and yet nothing changes­čśé

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  7. UBA and ECOBANK are the kings of pan Africa banking. E no easy nau

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