Nigeria: Diamond Bank to Seek National Licence from Regulators

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Reports suggest that Nigerian lender Diamond Bank Plc will before the end of the year, convert its international banking licence to a national one.

This followed the sale of the bank’s assets outside the country and its resolve to take advantage of the banking opportunities Nigeria’s huge population presents, THISDAY has reported.

A reliable industry source, who disclosed this to THISDAY, said the move would also put the Capital Adequacy Ratio (CAR) requirement for the bank at 10 percent. CAR for banks in Nigeria stands at 10 per cent and 15 percent for national and international banking licence respectively.

Diamond Bank had in April, 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 bank had explained that the disposal was in line with its objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market.

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