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Diamond Bank gets $70 mln IFC convertible loan

08 August 2012, 13:32

 Lagos - The private sector arm of the World Bank said on Wednesday it will lend $70 million to Nigeria's Diamond Bank to help it boost its capital base and finance lending to small and medium-sized businesses.

The International Finance Corporation (IFC) said the funding would be in the form of a convertible debt.

"The investment provides a unique opportunity ... to support Diamond Bank's expansion into key economic sectors that have relatively low banking penetration," IFC's Marcos Brujis said in a statement.

Diamond Bank was not amongst the banks rescued in a 2009 bail out by the central bank to prevent a collapse of the overleveraged banking system.

- Reuters

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