Carlyle Group has invested $147m in Nigeria’s Diamond Bank with an aim to expand footprint in the country.
The latest transaction, which is subject to regulatory approval, is the first investment by Carlyle in Nigeria, and will offer it a stake of about 18% in Diamond Bank.
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Carlyle bought the stake through its sub-Saharan Africa Fund at the recently held rights issue by Diamond Bank.
Diamond Bank intends to utilize proceeds for enhancing its IT infrastructure, working capital support and for branch expansion and renovation.
Uzoma Dozie, group managing director/CEO (Designate) of Diamond Bank, said, "We are confident that Carlyle’s support will be fruitful and benefit all stakeholders."
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," added Dozie.
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By GlobalDataThe bank, with $203bn in assets under management at present, had sold shares in August in an effort to raise NGN 50.4bn ($284m) for investment in infrastructure, branch expansion and lending.
