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Diamond Bank divests holdings in UK subsidiary



Diamond Bank divests holdings in UK subsidiary


Diamond Bank Plc has divested its 100 per cent holding in its UK subsidiary, Diamond Bank UK.

According to Reuters, the Tier 2 lender signed share sale and purchase agreement with member of GFG Alliance, for disposal of its entire share holding in its UK subsidiary.


The bank had announced last November that it was quitting other West African markets to focus efforts at home and deploy its resources on personal banking business in the country.


In a statement, Diamond Bank’s Chief Executive, Uzoma Dozie, said: “After 18 years of building the Diamond Bank franchise in other markets in West Africa, the time has come to fully apply our resources to Nigeria,” adding that the lender wanted to apply its resource to Nigeria to develop a profitable technology-driven retail banking business.


Dozie said Nigeria’s unbanked population and the rise of cost-effective digital banking platforms provided it with the opportunity to reach millions of customers in a market where it already had over 15 million clients.
Unity Bank rewards winners in ‘UniFiers project’


As part of its new focus on the youth segment and further to the launch of UNiFi product, its new Youth and Digital Banking initiative, Unity Bank Plc recently rewarded the creativity of three young people.


In a statement, the bank said that these recipients – referred to as Unifiers – demonstrated their innovativeness and distinguished themselves in an online competition.


The UniFiers initiative was conceived as part of the Bank’s Corporate Social Responsibility (CSR) which was instituted to empower young people who had developed definitive initiatives that had an impact on their immediate communities. Each of them were celebrated at the recent UNIFI-launch held at the University of Lagos.


The three successful candidates received rewards of half a million naira each for displaying their projects online as part of the UniFiers challenge and garnering highest number of votes from fans who endorsed their respective projects in each of the project category.


According to the GM, Products & Channels, Mr. Bonaventure Okhaimo, “the UniFiers project is aimed at encouraging creativity and motivating Nigerian youths”, adding that, “the Bank identified three broad categories for the competition which included ‘the Lanterns; targeting science & technology innovation, ‘the Humanitarians’, riding on social development and charity, and the ‘Builders’ – highlighting excellence in Art, design and culture”.


The winners that emerged include: Tolulope Falope – Builders category, Mobolaji Oriola – Humanitarian category and Albert Kure – Lantern Category.


As the Unifiers initiative continue to reflect the core essence of UniFi product offering, the Bank is currently taking the three winners through a mentorship programme intended to enhance the three winning projects and their promoters for the overall benefits of the society.


The Group Head Retail & SME Banking Group, Mr. Funwa Akinmade, who addressed students during the launch, described UniFi as a “product for the youth generation which offers a full digital experience that does not require them to ever visit the bank’s branch.”

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