We are delighted that our client Diamond Bank (now part of Access Bank Nigeria) has now successfully completed the sale of its UK Banking Subsidiary – Diamond Bank UK to Sanjeev Gupta’s GFG Alliance. The sale was in line with the Diamond Bank’s objective of streamlining its operations and focus its resources on the immense opportunities in Nigeria’s retail banking market.
Diamond Bank UK, which was previously the British subsidiary of Diamond Bank PLC of Nigeria, will be renamed ‘the Commonwealth Trade Bank’ and will add significantly to the financial services offering within Mr Gupta’s Global GFG Alliance, comprising metals, industrials, energy, finance and property businesses. The Bank will offer a core range of trade solutions including receivables, inventory and supply chain finance, letters of credit discounting, and trade and documentary services associated with trade finance.
Professor Chris Ogbechie, Chairman of Diamond Bank commented “ This was a complicated transaction to get done and we needed to establish a team that could handle it with creativity and with discretion and appointed Mandeep Ahluwalia and Ian Greenstreet who was previously a Board member of Diamond Bank to handle this transaction. Their expertise and deep relationships were invaluable in ensuring that this transaction was successful. For financial institutions that require capital or require advisory and acquisitions services, I would gladly recommend Mr Ahluwalia Managing Partner of Shivam Advisors and Ian Greenstreet Founder of Infinity Capital Partners Ltd to Financial Institutions who are looking for creative solutions to achieve the desired result. ”
As reported in the Financial Times, the transaction was welcomed by Secretary of State for International Trade, Liam Fox, who said: “GFG’s acquisition of Diamond Bank UK will go a long way in helping UK businesses access opportunities in some of the world’s largest and fastest-growing markets.” This includes the Commonwealth – with a third of the world’s population – where the bank has a strong presence.
Following the successful partnership with Shivam Advisors on this sale, Infinity Capital Partners Ltd will joint venture with Shivam Advisors to advise and raise capital for African financial Institutions. We are honoured and privileged to have worked with the entire Diamond Bank team during the process of selling Diamond Bank UK and are delighted that the business has found a good home with Sanjeev Gupta’s GFG Alliance.
For Further Information, please contact
Shivam Advisors
Mandeep Ahluwalia; Managing Partner, e:mahluwalia@shivam-advisors.com; c:+447771674250
Infinity Capital Partners
Ian Greenstreet; Chairman, e:ian.greenstreet@infinitycap.co. c:+44 7803 592 174