The Carlyle Group invests in Diamond Bank Plc, a Nigerian commercial bank

24 Nov 2014

$147 million investment sees The Carlyle Group become a significant shareholder

 

Lagos, Nigeria - Global alternative asset manager, The Carlyle Group (NASDAQ: CG) today announced that it has invested $147 million in Diamond Bank (NGSE: DIAMONDBNK), a commercial bank headquartered in Lagos, Nigeria, with operations across West Africa and the UK. The investment came through the Bank’s recently completed $305 million (NGN 50 billion) rights issue.


The rights issue improves Diamond Bank’s Tier 1 capital, both strengthening its balance sheet and supporting the bank’s continued growth plans. Proceeds will be used for the development of the bank’s IT infrastructure, working capital support and the expansion and refurbishment of its branches.

Genevieve Sangudi, Managing Director and Head of West Africa for the Carlyle Sub-Saharan Africa Fund, said: “Carlyle is very pleased to join the Diamond Bank Group as an investor. Diamond Bank is one of the most recognised retail banks in Nigeria, with a strong corporate culture, best-in-class management team, advanced technology, large retail franchise and innovative product and service offerings. In addition Nigeria is the largest and one of the fastest growing economies in Africa, and Diamond Bank is well positioned to continue to benefit from Nigeria’s attractive macro-economic trends. We are fully in support of the bank’s strategic goal to become one of the most successful Tier 1 banks in Nigeria and West Africa, and we look forward to supporting the Bank towards achieving this objective.”

Uzoma Dozie, Group Managing Director/Chief Executive Officer (Designate) of Diamond Bank, commented: “This investment is a testament of the Bank’s strong brand and success over the years, particularly in the Retail/SME space. We are confident that Carlyle’s support will be fruitful and benefit all stakeholders. They bring global expertise in financial services and banking, having invested $4 billion globally in over 25 financial services companies, along with long-standing experience in emerging markets. Diamond Bank also stands to benefit from Carlyle’s extensive network of financial services specialists as we continue to strengthen our market position, expand our commercial and retail offerings and further enhance our operations. We are delighted to have Carlyle as a significant shareholder of the Bank.”

For more, please see here.

« Back to Member News

@AVCA_Africa is coming to Lagos, this September! Join us from Wednesday, 11th September – Friday, 13th September fo… https://t.co/0dxQN0kNIZ

@norfund_ makes investment into Nigeria’s Sundry Foods, an integrated foods service company. Read more:… https://t.co/7xoVNhilcb

Investec Asset Management's Emerging Africa Infrastructure Fund announces two milestone renewable energy projects i… https://t.co/ZgZ63McLto

RT @AfCDigest: Fawry's oversubscribed IPO last week in Cairo gives a few of its private equity backers partial exits from their investments…

TPG Growth announces takeover of Abraaj’s Growth Markets Health Fund. Read more: https://t.co/Ex9xTQGEdH

;