According to a press release dated November 30, 2017, The NSIA Group announces the takeover of DIAMOND Bank S.A., a subsidiary bank of the Nigerian Group DIAMOND plc.
DIAMOND Bank S.A., holder of the single license, operates mainly in Benin, and through three branches in Côte d'Ivoire, Senegal and Togo.
This takeover is achieved by the acquisition by the NSIA Group of 97.07% of the share capital of DIAMOND Bank S.A.
It was allowed by order of the Minister of Economy and Finance of the Republic of Benin, issued on October 31st, 2017, after a favourable opinion of the Banking Commission of the West African Economic and Monetary Union.
The completion of the transaction took place on Friday 24th November 2017 with the signing of the agreements, then the holding of the Combined General Meeting and the Meeting of the new Board of Directors of DIAMOND Bank S.A.
Following the IPO of NSIA Banque Côte d'Ivoire, this acquisition reflects NSIA's desire and ambition to develop and expand its banking division.
With its network of subsidiaries in the insurance sector, the NSIA group is currently present in 12 countries of West and Central Africa : Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea-Bissau, Mali, Nigeria, Senegal and Togo.
With the acquisition of DIAMOND Bank S.A., NSIA's banking division is now present in 5 countries : Benin, Côte d’Ivoire, Guinea Conakry, Senegal and Togo.
Mrs. B. Janine Kacou DIAGOU, Chief Executive Officer of the NSIA Group, has been
appointed Chairman of the Board of Directors of DIAMOND Bank S.A.
Published at 20/12/2017