9 January 2008
The London Stock Exchange is delighted to welcome Diamond Bank Plc to the Professional Securities Market (PSM).
Diamond Bank Plc (“Diamond”), which joined the PSM on 18 December 2007, is the first Nigerian bank to be listed on the PSM.
Established in 1991, Diamond offers financial services across the entire client spectrum, through over 139 business locations in Nigeria and 7 branches in Benin Republic. The Bank has a unique SME business model and a solid brand associated with integrity, professionalism and good corporate governance.
The offer enabled Diamond to raise US$500million through 37.6million newly issued GDRs, each GDR representing 100 ordinary Diamond shares. The settlement price per GDR has been set at $13.30 and will be traded on PSM.
The offer proceeds will enable Diamond expand its footprint through traditional and electronic channels in order to take advantage of the growing Nigerian retail market, enter new business segments like mortgages, insurance, investment banking and also strengthen its Francophone West Africa expansion.
Diamond market capitalization post offering is now N263.2billion (US$2.3billion as at January 02, 2008).
Commenting on the admission, Mr. Emeka Onwuka, the MD/CEO stated that “the listing is an important step in the evolution of the Bank’s strategy and is aimed at raising stronger capital base, attracting new shareholders, raising its international profile, enhancing the leadership position of Diamond Bank in the middle market and develop the Bank into a reputable financial conglomerate”.
Morgan Stanley was the Global Coordinator and Sole Bookrunner for the offering. Vetiva was domestic coordinator and joint domestic underwriter.