Growing competition in the business environment all over the globe has encouraged and compelled corporate firms to diversify their businesses to remain active, competitive and dominant in the business space. Hence, corporate diversification is one of the vital and strategic focuses that have gained relevant attention in finance literature. Corporate diversification of deposit money banks has been embraced by most banks and has taken the center stage of most economies in the world. This is so because it helps in building a virile, efficient and robust banking system which can spark performance of the individual banks and lead to the overall growth of the various national economies (Osifo, 2019).
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