Diamond Bank announces resignation of chairman, directors   

25 October 2018 : Diamond Bank Plc released a statement on the Nigerian bourse in yesterday’s session announcing the resignation of four of its non-executive directors from the board of the company. The statement included that the directors had resigned for varied reasons and the company would update the market with further developments. Meanwhile, media reports from yesterday also claimed that the bank is looking to raise fresh capital and is in talks with new investors. Analysts note that Diamond Bank has been grappling with huge impairment losses – NPL ratio at 12% as at H1’18 vs 5% threshold – as well as capital challenges (CAR of 16.6% as at H1’18) for the past few years. Analysts recall that the bank announced the divestment of its UK subsidiary a few months ago in a bid to become a national bank, a move that effectively lowers the lender’s required capital adequacy ratio (15% for International Banks, 10% for National Banks). 

Reporting for EasyKobo on Thursday ,25 October 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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