Diamond Bank, a Nigerian multinational financial service provider, has appointed Dele Babade to serve as its acting chairman.
In a notice sent to the Nigerian Stock Exchange, Diamond Bank said Babade will replace Oluseyi Bickersteth, its erstwhile chairman who resigned in October.
“We write to formally notify the Exchange that following the resignation of Oluseyi Bickersteth as Director/ Chairman of the Board, the Board of Directors of Diamond Bank Plc, has appointed Mr Dele Babade as acting Chairman effective December 24, 2018,” the notice read.
The notice which was signed by Uzoma Uja, bank’s company secretary, Diamond Bank said Babade nominated as a non-executive director in April 2017.
Babade was appointed by First Carlyle Growth V, an investor in the bank.
Babade, a University of London trained lawyer started his career with Midland Montagu London (the predecessor of HSBC Investment Bank) on the Graduate Training Programme in 1988.
The new Diamond Bank acting chairman served as Citibank’s director & regional head Sub-Sahara Africa Corporate Finance & Investment Banking based in South Africa from 2002 to 2006 after joining the bank in 1993.
Babade currently serves as Chairman of the Africa Risk Capacity Pan African Insurance Company (ARC Ltd) and is also the Chairman of its Finance and Investment Committee. ARC Ltd is a financial affiliate of the African Risk Capacity, a specialized agency of the African Union (AU), an initiative designed to improve current responses to climate-related food security emergencies.
Diamond Bank recently signed an acquisition deal with Access Bank. The deal is expected to be completed by the first quarter of 2019.