Diamond Bank

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Diamond Bank Nigeria Plc.
TypePublic:NSE: DIAMONDBANK
IndustryFinance
FoundedDecember 20, 1990[1]
HeadquartersAdeola Hopewell Street, Victoria Island, Lagos, Nigeria[2]
Area servedNigeria
Key peopleHRM Igwe Nnaemeka A. Achebe
Chairman
Alex Otti
Managing Director & Chief Executive Officer
ServicesBanking, Financial Services
Revenueincrease:Pretax: 7 billion (US$45 million) (Q3:2010)[3]
Total assets611.6 billion (US$3.93 billion) (September 2010)
Subsidiariessee article
WebsiteHomepage
 
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See also Diamond Bank (Chicago), Diamond Trust Bank Group of East Africa and Antwerp Diamond Bank.
Diamond Bank Nigeria Plc.
TypePublic:NSE: DIAMONDBANK
IndustryFinance
FoundedDecember 20, 1990[1]
HeadquartersAdeola Hopewell Street, Victoria Island, Lagos, Nigeria[2]
Area servedNigeria
Key peopleHRM Igwe Nnaemeka A. Achebe
Chairman
Alex Otti
Managing Director & Chief Executive Officer
ServicesBanking, Financial Services
Revenueincrease:Pretax: 7 billion (US$45 million) (Q3:2010)[3]
Total assets611.6 billion (US$3.93 billion) (September 2010)
Subsidiariessee article
WebsiteHomepage

Diamond Bank Plc., whose complete name is Diamond Bank Nigeria Plc., but is commonly referred to as Diamond Bank, is a full-service International Bank based in Nigeria. It is one of the twenty-five (25) licensed commercial banks in the country.[4]

Contents

Overview

The bank is a large financial services provider in West Africa. Headquartered in Lagos, Nigeria's commercial capital, the bank maintains a banking subsidiary in Benin, with a view of expanding into Senegal, Cote d'Ivoire and Togo.[5] As of November 2010, the bank's total assets were valued in excess of US$3.9 billion (NGN:612 billion)[6], with shareholders' equity of approximately US$682 million (NGN:106.11 billion).[7]

History

Diamond Bank was incorporated on December 20, 1990, and opened for business on March 21, 1991. In 2005, as part of the recapitalization directives issued to commercial banks by the Central Bank of Nigeria, the banking regulator in the country, Diamond Bank successfully merged with Lion Bank, a commercial bank, retaining the name Diamond Bank. In May that same year, the bank floated the shares of its stock in an IPO, on the Nigerian Stock Exchange (NSE). The shares trade under the symbol: DIAMONDBANK.[8] In January 2010, Diamond Bank became a constituent part of the not-yet-officially-established NSE-30 stock index.[9]

The bank was selected as "Nigerian Bank of the Year" for 2009 by ThisDay News,.[10] In January 2008, Diamond Bank's global depository receipts (GDR) were listed on the Professional Securities Market of the London Stock Exchange, becoming the first bank in Africa to do so.[11]

Subsidiaries

Diamond Bank operates several subsidiary companies, based in Lagos, Nigeria, except where indicated:[12][13]

Under the International banking license that Diamond Bank Plc. has applied for in Nigeria, the bank plans to divest from all non-bank subsidiaries and retain shareholding only in Diamond Bank Benin.[14]

Branches

As of March 2011, the bank operates over two-hundred (200) branches throughout the country.[15]

External links

See also

References