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Kunoch acquires Diamond Bank stake from Actis, CDC Group


News » Health and Beauty
Nigeria

IMAGE: Diamond Bank Plc »

August.22.2014

Kunoch Holdings has completed the purchase of a Diamond Bank Plc stake from Actis LLP and CDC Group Plc.

Kunoch acquired the stake by buying Actis DB Holdings Ltd., which holds 14.79 percent of Diamond Bank, the bank in a statement on Thursday said.

Funds managed by Actis, a private equity investor specialising in investments in emerging markets, acquired a significant equity stake in the bank in 2007. These funds are now coming to the end of their closed-end period and, accordingly, Actis is realising its investment in the bank, the statement said.

Over the years, positive contributions by Actis, other institutional investors and the new management team of the bank have created additional value for all Diamond Bank’s shareholders.

Peter Schmid, Actis head of private equity, said, “We have worked with Diamond Bank to build a strong franchise over the last seven years. During the period of our investment, Diamond Bank underwent substantial change and is now recognised by the Central Bank of Nigeria (CBN) as one of the systemically important banks in the industry. The bank has a strong and capable management team to take it to the next stage of its development and Actis wishes Alex (Otti) and his team well in this next phase.”

Alex Otti, group managing director of Diamond Bank, said: “We are pleased to have worked with Actis over the last seven years, and are excited about the next stage of the bank’s development. Diamond Bank is one of the leading retail banks in Nigeria, with exciting growth prospects in the retail segment of the Nigerian economy as well as a strong position in the Micro, Small and Medium scale Enterprises and corporate segments of the economy. Diamond Bank has been described as one of the fastest growing banks over the past three years in the Tier II category and potentially the next bank that would move to the Tier 1 category. The bank is currently undertaking a rights issue to raise an additional N50.3 billion which is expected to position the bank to further enable it to execute its strategy going forward”.

Article Credit: Businessdayonline

Updated 3 Years ago
 

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