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Diamond Bank has said it would sell its 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.


Diamond Bank has said it would sell its 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.


“This is aligned with Diamond Bank’s strategic objective: to be the fastest growing and most profitable technology-driven retail banking franchise in Nigeria. “We are prioritising the Nigerian market because of its vast potential. “A large segment of the population is underbanked 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 said.


He said that the bank already had a foundation for growth in Nigeria with over 15 million customers.

“We also have a framework in Nigeria that will allow us to scale rapidly, efficiently and cost effectively.

“In part this is due to our digitally-led approach which has reduced the need to have a network of physical branches to service customers. “Fundamentally this strategy stands to benefit all our key stakeholders – shareholders, customers and employees – in the immediate, medium and long term,” he added.



Source: http://dailypost.ng/2017/11/03/diamond-bank-sells-off-operations-west-african-countries/


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