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LAGOS May 21 Nigeria's Diamond Bank
is seeking regulatory approval to raise between
$300 million and $400 million via a rights issue from existing
shareholders, its chief finance officer said on Wednesday.
"We are in the process of filing with the relevant
regulatory authorities for a rights issue ... which we expect to
conclude by Q3," Diamond Bank's CFO, Abdulrahaman Yinusa, told
The mid-tier lender raised $200 million in a debut Eurobond
last week, short of its target of between $300 million to $350
Shares in Diamond Bank were down 2.58 percent on Wednesday
to 6.42 naira. The shares are down 10.3 percent this year.
Diamond Bank won shareholder approval in April to raise
fresh capital in debt and equity and Chief Executive Alex Otti
has said the bank aims to raise up to $550 million.
Diamond Bank is targeting a capital adequacy ratio of over
20 percent of assets after the capital injection, from around 17
(Reporting by Chijioke Ohuocha; Editing by Mark Heinrich)