Carlyle Sub-Saharan Africa Fund managing director and West Africa headGenevieve Sangudi said: "Diamond Bank is one of the most recognised retail banks in Nigeria, with a strong corporate culture, best-in-class management team, advanced technology, large retail franchise and innovative product and service offerings.
"We are fully in support of the bank’s strategic goal to become one of the most successful Tier 1 banks in Nigeria and West Africa, and we look forward to supporting the Bank towards achieving this objective."
Diamond Bank group managing director/chief executive officer (designate) Uzoma Dozie said: "We are confident that Carlyle’s support will be fruitful and benefit all stakeholders.
"They bring global expertise in financial services and banking, having invested $4 billion globally in over 25 financial services companies, along with long-standing experience in emerging markets."
The investment came through the bank’s recently completed $305m (NGN50bn) rights issue, which improves Diamond Bank’s Tier 1 capital.
The development of bank’s IT infrastructure, working capital support and the expansion and refurbishment of its branches will be taken care of from the proceeds.
Image: Carlyle Group invests $147m in Diamond Bank. Photo: courtesy of adamr/FreeDigitalPhotos.net
