Nigerian Bank in talks to raise medium-term funding

A view of the Diamond Bank is seen along the Lekki-Epe Expressway in Lekki, Lagos, Nigeria September 12, 2017. REUTERS/Akintunde Akinleye

LAGOS – Nigeria’s Diamond Bank is in talks with a multilateral agency to raise medium-term funding over a 5-year period and will repay a $200 million Eurobond due in May on maturity from its own cash and other sources, the mid-tier lender said on Friday.

The bank said it has completed due diligence and agreed indicative terms with the agency, which it declined to name.

Diamond Bank shares, which have been in freefall this month, dropped 3 percent on Friday to a new record low of 0.65 naira each.

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