Diamond Bank
Encyclopedia
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.
. 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
. , the bank's total assets were valued in excess of US$3.9 billion (NGN:612 billion), with shareholders' equity of approximately US$682 million (NGN:106.11 billion).
, 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. In January 2010, Diamond Bank became a constituent part of the not-yet-officially-established NSE-30 stock index.
The bank was selected as "Nigerian Bank of the Year" for 2009 by ThisDay News
,. 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.
, Nigeria, except where indicated:
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.
throughout the country.
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
. It is one of the twenty-five (25) licensed commercial banks in the country.
Overview
The bank is a large financial services provider in West AfricaWest Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
. Headquartered in Lagos
Lagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
, Nigeria's commercial capital, the bank maintains a banking subsidiary in Benin
Benin
Benin , officially the Republic of Benin, is a country in West Africa. It borders Togo to the west, Nigeria to the east and Burkina Faso and Niger to the north. Its small southern coastline on the Bight of Benin is where a majority of the population is located...
, with a view of expanding into Senegal
Senegal
Senegal , officially the Republic of Senegal , is a country in western Africa. It owes its name to the Sénégal River that borders it to the east and north...
, Cote d'Ivoire
Côte d'Ivoire
The Republic of Côte d'Ivoire or Ivory Coast is a country in West Africa. It has an area of , and borders the countries Liberia, Guinea, Mali, Burkina Faso and Ghana; its southern boundary is along the Gulf of Guinea. The country's population was 15,366,672 in 1998 and was estimated to be...
and Togo
Togo
Togo, officially the Togolese Republic , is a country in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, on which the capital Lomé is located. Togo covers an area of approximately with a population of approximately...
. , the bank's total assets were valued in excess of US$3.9 billion (NGN:612 billion), with shareholders' equity of approximately US$682 million (NGN:106.11 billion).
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 NigeriaCentral Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
, 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
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
in an IPO, on the Nigerian Stock Exchange (NSE). The shares trade under the symbol: DIAMONDBANK. In January 2010, Diamond Bank became a constituent part of the not-yet-officially-established NSE-30 stock index.
The bank was selected as "Nigerian Bank of the Year" for 2009 by ThisDay News
Thisday
THISDAY is a Nigerian national newspaper. It is the flagship newspaper of Leaders & Company Ltd and was first published on 22 January 1995. It has its headquarters in Apapa, Lagos, Lagos State....
,. In January 2008, Diamond Bank's global depository receipts (GDR) were listed on the Professional Securities Market of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
, becoming the first bank in Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
to do so.
Subsidiaries
Diamond Bank operates several subsidiary companies, based in LagosLagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
, Nigeria, except where indicated:
- Diamond Capital Limited
- Diamond Pension Funds Custodian Limited
- Diamond Mortgages Limited
- ADIC Insurance Limited
- Diamond Bank Benin - Based in CotonouCotonou-Demographics:*1979: 320,348 *1992: 536,827 *2002: 665,100 *2005: 690,584 The main languages spoken in Cotonou include the Fon language, Aja language, Yoruba language and French.-Transport:...
, BeninBeninBenin , officially the Republic of Benin, is a country in West Africa. It borders Togo to the west, Nigeria to the east and Burkina Faso and Niger to the north. Its small southern coastline on the Bight of Benin is where a majority of the population is located...
Under the International banking license that Diamond Bank Plc. has applied for in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, the bank plans to divest from all non-bank subsidiaries and retain shareholding only in Diamond Bank Benin.
Branches
, the bank operates over two-hundred (200) branchesBranch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
throughout the country.
External links
- Interview With Former Managing Director (2005-2011) Emeka Onwuka
- Website of Diamond Bank Nigeria Plc.
- Company Profile At Google Finance Website of Diamond Bank Benin
- Website of the Central Bank of Nigeria
See also
- List of banks in Nigeria
- List of banks in Africa
- Central Bank of NigeriaCentral Bank of NigeriaThe Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
- Economy of NigeriaEconomy of NigeriaThe economy of Nigeria is a middle income, mixed economy emerging market with well-developed financial, legal, communications, transport, and entertainment sectors...