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Diamond Bank denies cash injection

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Abacha loot, cash injection, Diamond BankTHE management of Diamond Bank Plc has maintained that no investor has come forward to inject cash into the company and that its board was reviewing all strategic options.

The company said that contrary to such media reports, its board has chosen to clarify that it has not received an offer from any investor to inject cash.

The bank’s statement read, “Further to the company’s announcement of 26 October 2018, Diamond Bank and its board of directors continue to review all strategic options on a regular basis.

“Diamond Bank would also like to clarify it enjoys the support of its major shareholders, including The Carlyle Group and Kunoch Holdings who are, as ever, working in cooperation with the board and management as appropriate to ensure the successful operation of its business in Africa’s most dynamic banking market,” the company said.

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The bank also noted that they were in active discussions regarding the appointment of new non-executive directors to the board and, subject to CBN’s approval, adding that there will be an announcement in due course.

This was coming after it said last month that four of its directors, including its chairman, Oluseyi Bickersteth had resigned, fuelling speculation that the lender was in talks with a new investor to recapitalise.

Diamond shares were trading flat on Friday at N1.27 after hitting a year low this week. The bank had rallied 24 per cent in one week to a four-month high on speculation it was in talks to raise fresh capital.

The post Diamond Bank denies cash injection appeared first on Tribune.

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