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Diamond Bank Unfolds Consolidation Plans By Linda Elueme In a bid to meet the challenges of the Central Bank of Nigeria's directives on N25 billion minimum capital by December 2005, Diamond Bank Limited is set to raise additional funds by way of private placement. Dropping this hint during the Bank's customer forum in Lagos, Chief Financial Officer of the bank, Mr. Ohis Ohiwerei said the consolidation strategy of the bank will also involve acquisition of some banks. The funds realised from the private placement would be used for expansion of branch network across the country, West African banking regions as well as provision of universal banking opportunities. He implored customers to maintain the relationship they have with Diamond bank, assuring of continued provision of quality banking solutions through innovations. In his remark, the Chairman of the bank, Mr. Pascal Dozie stated that the bank has repositioned itself as a sound robust bank that can withstand any system shock and stand firm. His words: "Diamond bank is not a sprinter but a long distance runner, our strategic value of creativity will take us to long distance and outlive us". Diamond Bank is one of the top 10 privately owned banks in Nigeria with 51 branches strategically located in major commercial centres. The bank maintained a steady growth rate of close to 20 per cent in gross revenue between 2000 and 2002. Its gross income for first four months of 2004/05 financial year was N4.3 million, while profit before tax stood at N949 million for the same period. Current shareholders' fund is in excess of N6.5 billion. Diamond bank is driven by innovation and leading-edge technology with the creation of four distinct business areas; commercial banking, personal banking corporate banking and investment banking. The bank intends to convert to a Public Limited Company after the private placement exercise. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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