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Diamond Bank Welcomes New Capitalisation Policy.

Asia Africa Intelligence Wire

| July 16, 2004 | COPYRIGHT 2003 Financial Times Ltd. (Hide copyright information)Copyright

(From Vanguard (Nigeria) - AAGM)

The Management of Diamond Bank Limited has welcomed the recent directive by the Central Bank of Nigeria (CBN) stipulating a new minimum capitalization for banks at N25 billion with effect from December 25, 2005.

The Bank, which spoke through its Head of Corporate Affairs, Nkem Ossai, said that Diamond Bank's position is that the new directive would help to enthrone a banking system that is strong, competitive and resilient. He added that the new position of the CBN on bank capitalization is in line with the wind of banking industry consolidation that is currently blowing across the globe.

The Bank spokesman said …

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