A Nigerian lender, said it will sell all of its non-banking units to comply with revised Central Bank rules that don’t allow the institutions to offer multiple services.

“We have taken a decision to divest from all the non- banking subsidiaries in line with the new banking model,” the Lagos-based company said in an e-mailed statement Friday.

Diamond has units operating in insurance, mortgages, stock- broking and share registration, it said.

The Central Bank of Nigeria in September asked the nation’s lenders to sell their non-banking units or adopt a holding company model. All financial institutions regarded as universal banks have to prepare plans to comply with the policy not later than 90 days from October 4, the Central Bank said.

The rules form part of reforms to the banking industry, which amassed bad debts of about $10 billion that threatened to collapse some of the operators. The Central Bank fired the chief executive officers of eight of the country’s 24 lenders last year and used 620 billion naira ($4.1 billion) to bail out the industry. Diamond Bank passed a central-bank audit and didn’t receive part of the bailout package.

Diamond will grow its loan book by a further 10 percent before the end of the year, extending credit to companies operating in manufacturing, construction and general commerce, it said. Non-performing loans dropped by 2 per cent to 59.1 billion naira in the three months to September, it said.

Energy, general commerce, and finance and insurance industries accounted for more than 71 per cent of all non- performing loans “and this is a reflection of the impact of the economic downturn of 2009,” it said.

Diamond Bank shares retreated for a third day, dropping 0.7 per cent to 7.6 naira by the 1:31 p.m. close in Lagos, according to data compiled by Bloomberg.