The Carlyle Group Invests US$147 Million in Diamond Bank (Sub-Saharan Africa)

Source: The Carlyle Group, Bloomberg | Author(s): Emele Onu

Global alternative asset manager The Carlyle Group has invested US$147 million in Nigeria-listed commercial bank Diamond Bank. The transaction, which came as part of Diamond Bank’s recently completed US$305 million rights issue, was structured through Carlyle’s Sub-Saharan Africa Fund. Proceeds will be used for the development of the bank’s IT infrastructure, for working capital support and for the expansion and refurbishment of its branches.