CBN Approval on National Banking Licence with Diamond Bank.
The conversion to a national bank which is with immediate effect, the bank however explained would be subject to its conclusion of the sale of Diamond Bank UK.
With this approval the bank would cease to operate as an international bank.
the statement from the bank explained that the re-licencing as a national bank, would supports Diamond’s objective of streamlining its operations to focus on resources on the significant opportunities in the Nigerian retail banking market, and in the global Economic said the reporters
The move follows Diamond’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.
Diamond bank’s chief executive, Mr. Uzoma Dozie,the CEO said, The move to a national banking license marks a continuation of our strategy to focus on Nigeria’s significant fundamental trends, including a large underbanked population and Africa’s biggest economy globally.
By focusing and optimising our resources towards Nigeria and the priority area of retail banking, we will be better positioned for longer term growth and greater profitability all over the world.
The reduction in minimum capital requirement also increases our capacity to expand the quantum of business and product services we can offer consumers.
This development does not affect the bank’s ability to offer services to its clients in international locations; Rather, with focus on its domestic business being priority, the bank also intends to pay down in full, the Eurobond loan of $200 million at maturity in the year 2019.
There will be no refinancing of the loan as the intent to pay down with foreign exchange generated from its internal operations, a reflection of the solidity of its operations and funds flow in the last few years said Mr. Uzoma Dozie,the CEO of Diamond bank Plc.