Diamond Bank on Friday said it would sell West African banking operations in Benin, Togo, Cote d’Ivoire and Senegal to focus on the Nigerian retail banking opportunity.
The bank said that the company banking operations in the four West African countries would be sold to Manzi Finances S.A, a Cote d’Ivoire financial services holding company.
The bank, in a statement, said that regulatory approvals for the transactions had been obtained in all jurisdictions anticipated to close before Dec. 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…
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