Lagos, Nigeria– Union Bank of Nigeria Plc. (Union Bank), one of Nigeria’s long-standing and most respected financial institutions announced that the Bank successfully raised N49.7 billion through a Rights Issue which closed on October 30, 2017 with subscriptions recorded at 120%. The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) concluded the share allotment and capital clearance review in December 2017.
Emeka Emuwa, Chief Executive Officer of Union Bank, said,
“The support of our shareholders has been critical to the rebuilding and transformation of Union Bank over the past 5 years. With 20% oversubscription of the Bank’s Rights Issue, they have once again demonstrated a high level of confidence and support for the bank’s short to medium term strategic priorities.
Having successfully raised the required capital, we will accelerate the pace of doing business in 2018 as we begin to deploy this fresh capital across identified business areas which will increase our capacity to serve customers better while also delivering returns to our investors in the short to medium term.”
The new capital will also ensure the bank maintains a strong buffer above regulatory capital adequacy requirements as it drives towards its vision to be Nigeria’s most trusted and reliable banking partner.
Union Bank launched the N49.7 billion Rights Issue on September 20, 2017 with shares available to shareholders at the ratio of five new ordinary shares for every seven previously held as at August 21, 2017.
About Union Bank Plc.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognizable brand, with an extensive network of over 300 branches across Nigeria.
In late 2012, a new Board of Directors and Executive Management team were appointed to Union Bank and in 2014 the Bank began executing a transformation programme to re-establish it as a highly respected provider of quality financial services.