Portfolio company
Diamond Bank |  |
|---|
Company website | www.diamondbank.com |
Business sector | Financial services |
Country of operation | Nigeria |
Market | Africa |
Investment status | Current portfolio |
Investment type | Growth capital |
Date of original investment | 2007 |
Office | Lagos, Nigeria |
Diamond Bank is the leading new generation universal bank in Nigeria, engaged in corporate, commercial and consumer banking. It has subsidiaries engaged in custodian, mortgage, securities and insurance businesses. The bank commenced operations in 1992 as a family-owned bank but has since transformed into a quoted bank listed on the Nigerian Stock Exchange.
Diamond Bank currently has 117 branches and about 2,000 staff, with operations in Nigeria and Republic of Benin. It has established a particular niche in commercial banking and is now exploring the opportunity to expand into the growing but nascent retail sector.
This transaction was the largest single private equity investment made in Nigeria utilising innovative private placement structure.
