Diamond Bank divests from ADIC Insurance

PRESS RELEASE

Diamond Bank Plc executes Share Purchase Agreement in respect of its divestment from ADIC Insurance Limited

Diamond Bank Plc ("the Bank") announces the execution of a Share Purchase Agreement ("SPA") with NSIA Participations S.A. Holding ("NSIA") in respect of the sale of the Bank's 96.15% equity stake in ADIC Insurance Limited to NSIA ("the Sale").

This is in furtherance of the Bank's decision to divest from all its non-banking subsidiaries in compliance with the repeal of the Universal Banking Guidelines by the Central Bank of Nigeria and its subsequent directive to all deposit taking banks in Nigeria to divest from all non-banking businesses.

The emergence of NSIA as the preferred bidder resulted from a competitive bidding process successfully managed by Vetiva Capital Management Limited, the Bank's financial adviser on the Sale. The SPA which was executed on Friday, 08 July 2011 articulates the terms under which the Sale was consummated with NSIA. The Sale has the approval of the Board of Directors and shareholders of the Bank.

About Diamond Bank Plc

Diamond Bank Plc is a leading financial institution in Nigeria, a dominant operator in the mid-market corporate, consumer and Micro Small and Medium Sized Enterprises banking space and a niche player in Corporate Banking market segment. The Bank has strong footprints in Nigeria with over 220 branches spread across the 36 states including the FCT and in West Africa with branches in Benin Republic

About NSIA Participations S.A. Holding

NSIA Participations is a holding company headquartered in Abidjan, Cote D'Ivoire, consolidating investments in Life, Non-Life and Banking subsidiaries in eleven (11) countries in Africa and has become the leading insurer in the region through a comprehensive product offering (life and non life). NSIA is organized around ten core businesses including insurance, banking, bancassurance and micro insurance, providing a wide range of products and services for individuals and corporate businesses. NSIA Group, through its 21 subsidiaries in 2010 achieved a total turnover of EURO183 Million including EURO140 Million in the insurance sector, posting an average annual growth of 19% over the last 3 years. After successfully completing its presence in Ghana, and with this significant investment in Nigeria, the NSIA Group reaffirms its pan-African character.

About ADIC Insurance Limited

ADIC Insurance Limited ("the Company") is a composite insurance services provider, offering a wide bouquet of Life and Non Life insurance products including life and pension, oil and energy, motor vehicle, fire and consequential. The Company incorporated as a private limited liability company in 1989 has since grown to become a niche player in the Nigerian Insurance industry

Signed

Management

http://www.rns-pdf.londonstockexchange.com/rns/6546K_-2011-7-19.pdf