Diamond Bank Sets Up Shop In London

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DIAMOND Bank Plc, Nigeria’s leading commercial bank, has secured the approval of the Financial Services Authority (FSA), United Kingdom (UK) to own and operate a bank in the United Kingdom.

In a statement issued by the bank, its Group Managing Director and Chief Executive Officer, Dr Alex Otti, said the bank was pleased with the approval, as “it signals the conclusion of a process that started months ago.”

According to Dr Otti, “we at Diamond Bank are delighted to secure the affirmation of the FSA for our bid to set up a UK subsidiary, to enable us to offer wholesale financial services, including facilitating international trade to new and existing clients.

“This approval also provides a unique opportunity for Diamond Bank to establish its presence in London, which is a hub for finance and banking activities in Europe.”

It will be recalled that following the approval given by shareholders at the last Annual General Meeting (AGM) in May 2012, the CEO had hinted, during the second quarter 2012 investors conference call in July 2012, that the bank was determined to leverage on its international banking licence with the acquisition of a niche bank in Europe.

Having realized the goal, Dr Otti stated that “this acquisition is another milestone in our drive to become the leading financial institution in Nigeria. We welcome staff and customers of the new acquisition into the Diamond fold with our promise of unparalleled customer experience, which has become our practice across our locations nationwide and the West African coast.”

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