CBN Grants Diamond Bank Approval To Operate As National Bank

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Diamond Bank

CBN Grants Diamond Bank Approval To Operate As National Bank

CBN Grants Diamond Bank Approval To Operate As National Bank. Central Bank of Nigeria (CBN) has granted Diamond Bank Plc, approval to operate as a national bank following its application for it.

According to the Chief Executive Officer of the Bank, Mr Uzoma Dozie, said this in a statement signed by the bank’s Head of media, Ezechinyere Anyanwu on Friday in Abuja.

 

CBN Grants Diamond Bank Approval To Operate As National Bank

Uzoma Dozie said: ”With this approval the bank will cease to operate as an International Bank. The re-licensing as a national bank supports Diamond’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and economy as a whole.

 

Diamond Bank

“The move follows Diamond’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages. The change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10 per cent as against 15 per cent required for international banks.

Dozie said that the approval would enable the bank to deploy more capital for stronger growth in the quarters ahead through additional investment in technology platforms.

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