Nigeria’s Diamond Bank has agreed to sell its West African banking operations to Manzi Finances, in a bid to focus on retail banking business in Nigeria.
Under the agreement, Cote d’Ivoire-based Manzi Finances will acquire Diamond Bank’s operations in Benin, Togo, Cote d’Ivoire and Senegal. Financial terms of the deal were not disclosed.
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The deal has already obtained required regulatory approvals and is expected to be completed by 31 December 2017.
Diamond Bank CEO Uzoma Dozie said: “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.”
“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,” Dozie added.
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