Managing Director,  Diamond Bank  Plc, Mr. Alex Otti

By Obinna Chima

The Senior Advisor, Retail/Private Banking, Diamond Bank Plc, Mr. Garry Marsh, said at the weekend  that  the bank has given out a total of N40 billion small and medium scale enterprises (SMEs) in the country in the last three years.

Marsh who dropped this hint during his induction as one of the seven honorary members of the International Academy of Retail Banking (IARB) by the Lafferty Group said that as at 2008, the bank’s loan to SMEs stood at N5 billion.

Marsh urged banks to pay more attention to lending to retail banking.

According to him, “retail banking grows the business and economy at large. Diamond Bank is firmly committed and passionate to helping small businesses grow because of the strategic importance small and medium businesses to the economy. We are passionate to see businesses succeed by providing necessary assistance. We have assisted over 800 businesses and we still have lending capacity.”

He added that feedback from the customers in terms of retail banking products in Diamond has been overwhelming, adding that unlike corporate banking where the level of default is high, retail banking is more profitable.

“Diamond Bank has concluded plans to set up a business club where members would meet periodically to socialize, network and learn from each other,” he added.

Commenting on his recognition by the IARB, Marsh said: “It is an exciting time to be involved in retail banking here and I am sure IARB will find a motivated and enthusiastic audience in Nigeria.”