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Diamond Bank Plc is expecting to conclude the sale of its subsidiary in the United Kingdom before the end of the year, according to a report by Reuters on Tuesday. The deal, which has received clearance from the Central Bank of Nigeria, is subject to the approval of the UK’s Financial Conduct Authority and the Prudential Regulation Authority.

Earlier this year, Diamond Bank struck a deal with British industrialist, Sanjeev Gupta, after selling its West African subsidiaries in 2017. Once the deal is completed, the bank will become the second financial institution to be added to the Gupta family business, and renamed to British Common Wealth Trade Bank.

In May, the bank had recorded an N11.6 billion loss in 2017, despite 3 percent rise in earnings. For the first quarter ended 31st March, 2018, the bank posted a profit after tax of N784 million, as against N4.29 billion profit recorded in Q1 2017.

As the economy improves in 2018, Diamond Bank expects its loans to grow, especially as the central bank has introduced liquidity to the banking sector, targeting credit to manufacturers.

“The loan growth would come from corporate banking. With the turnaround in GDP we would begin to see opportunities in fast moving consumers’ good, manufacturing,” the bank told Reuters.

“GFG’s acquisition of Diamond Bank will go a long way in helping UK businesses access opportunities in some of the world’s largest and fastest-growing markets,” UK’s Secretary of State for International Trade, Liam Fox, said.

Under its new owners, the bank will specialise in trade, commodity and supply-chain finance in developing economies, particularly in the Commonwealth, according to Financial Times.