Union Bank stock may be in for a bid in coming weeks as Atlas Mara Ltd., co-founder Robert Diamond, says he wants a majority stake in the bank.
“Atlas Mara’s “big priority right now” is to turn its 32 percent stake in Union Bank of Nigeria Plc into a majority holding,” Diamond said in an interview today at the Bloomberg Africa Business and Economic Summit in Cape Town.
Bob Diamond’s Atlas Mara venture paid $270m for its current 30 percent stake in Union Bank of Nigeria in 2014.
The London-listed group bought the shares from Nigeria’s Asset Management Corporation (AMCON), a vehicle set up by the country’s central bank to absorb non-performing loans in the wake of the 2009 banking crisis.
Union Bank stock ended trading at N5.05 per share today, valuing the company at N85.5 billion.
Atlas Mara Says It Can’t Wait To Own Majority Holding In Union Bank
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