NSIA Acquires Diamond Bank SA

CMS Francis Lefebvre Lawyers and Templars Law LLC were involved in The NSIA Group takeover of DIAMOND Bank S.A., a subsidiary bank of the Nigerian Group DIAMOND plc.

The NSIA group, a major player in insurance in Sub-Saharan Africa (some twenty life and non-life subsidiaries present in more than a dozen African countries) and the bank (two banking subsidiaries in Côte d’Ivoire and Guinea), has finalized the acquisition of Diamond Bank SA, a Beninese banking subsidiary of the Nigerian group Diamond Bank Plc and its three bank branches in Senegal, Togo and Ivory Coast (total balance sheet of more than 600 million euros).

With the acquisition of DIAMOND Bank S.A., NSIA’s banking division is now present in 5 countries: Benin, Côte d’Ivoire, Guinea Conakry, Senegal and Togo.

With its network of subsidiaries in the insurance sector, the NSIA group is currently present in 12 countries of West and Central Africa: Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea-Bissau, Mali, Nigeria, Senegal and Togo.

CMS Francis Lefebvre Avocats advised NSIA with Pierre Marly and Bertrand Saint Pierre.

Diamond Bank Plc was advised by the Nigerian firm Templars Law LLC.