CARLYLE Group invested $147 million (R1.6 billion) in Diamond Bank as it seeks to expand in Africa’s largest economy. Carlyle, the world’s second-largest manager of investment alternatives to stocks and bonds, bought the stake through its sub-Saharan Africa Fund as the Nigerian lender held a rights offer, Diamond Bank said yesterday. The Carlyle fund has invested almost $300m in sub-Saharan countries including Nigeria, Mozambique, Zambia, Tanzania and the Democratic Republic of the Congo since 2011, the bank said. It sold shares in August as it sought to raise 50.4 billion naira (R3bn) for investment in infrastructure, branch expansion and lending. Diamond Bank was unchanged at 5.50 naira in Lagos trading at 12.55pm. The stock has declined 21 percent this year compared with the 18 percent retreat by the Nigerian stock exchange all share index. – Bloomberg