Nigeria’s Diamond Bank is quitting other West African markets to focus efforts at home and deploy its resources on personal banking business in Africa’s biggest economy, according to a statement Friday, credited to Uzoma Dozie, its Chief Executive Officer.

The move by Diamond Bank ends the mid-tier lender’s 18-year push abroad.

In the statement, according to Reuters, Uzoma Dozie said,“after 18 years of building the Diamond Bank franchise in other markets in West Africa, the time has come to fully apply our resources to Nigeria,” in developing a profitable technology-driven retail banking business.

The bank said it had agreed to sell its operations in Benin, Togo, Cote d‘Ivoire and Senegal to a Cote d‘Ivoire-based financial services company Manzi Finances S.A. for 61 million euros, expecting the deal to close this year.

http://www.businessamlive.com/diamond-bank-quits-west-africa-market-focus-nigeria/

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