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South Africa : $200m Eurobond issued by Nigerias Diamond Bank

May 20, 2014

Nigeria financial institution Diamond Bank has effectively issued Eurobonds worth $200 Million and with a maturity of 5 years, representing a global acceptance of the bank s growth attempts.

Dr. Alex Otti, the bank s Group Managing Director/CEO said, The successful issuance of the Eurobonds is yet another milestone in the growth trajectory of the bank .

Otti mentioned that the management had began the process of transforming Diamond Bank into a major player in the Nigeria Banking industry three years ago. The transformation process has up to now yielded fruit, as per to the CEO, and the success recorded up till now has shown the bank is headed in the right direction, moving up from being the country s 11th largest bank to 6th in terms of total assets size.

He added that the successful issuance of the Eurobond is a milestone in the bank s history, effectively launching Diamond Bank into the international market.

Otti stated that the bank would continue harnessing the opportunities presented by the new capital raised as they come.

Chief Financial Officer of the Bank, Mr. Abdulrahman Yinusa, whereas explaining the rationale behind the capital raising exercise and the bank s decision to peg maturity of the funds at 5 years, said the bond s proceeds would be used to fund growth of the business, while some of the proceeds would be used to fund short tenured Trade Finance transactions.

It is likely that the new capital will further make stronger Diamond Bank s trade finance services as it prides itself as one of the top banks in Africa offering such, awarded as Sub-Saharan Africa s Best Issuing Bank by the International Finance Corporation (IFC), an arm of the World Bank earlier in the year and named the Best Oil and Gas Investment Bank by UK-based World Finance magazine.

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Source: TendersInfo (India)