Sparkling success in Nigeria
Like its namesake, Diamond Bank has been polished over time. It was established in 1991; in January 2005 it was listed on the Nigerian Stock Exchange and in January 2008 it became the first bank in Africa to have its Global Depository Receipts (‘GDRs’) listed on the Professional Securities Market of the London Stock Exchange. Today, Diamond Bank is one of Nigeria’s leading banks with core activities spanning corporate, retail and public sector banking, while its subsidiaries are engaged in custodian, mortgage, securities and insurance businesses.
Actis invested in Diamond Bank in 2007. At the time, this landmark transaction was one of the largest single private equity investments ever undertaken in Nigeria and marked the beginning of a pioneering and award- winning partnership between the two companies.
Since the initial investment, Actis worked with Diamond to bring in world-class banking expertise to the management team and transformed it into a significant player in the growing retail sector. During the period of Actis’ investment, Diamond Bank underwent substantial change as Actis and the leadership team successfully navigated a major banking crisis in Nigeria, being one of very few banks to not require central bank support. It also worked to boost operations in corporate and investment banking, mortgage financing, treasury and risk management.
Actis and CDC Group sold Actis DB Holdings Ltd, the company which holds their entire shareholding in Diamond Bank, to Kunoch Holdings in August 2014.