Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Union Bank raises N20 billion through bond issue

Fikayo Owoeye by Fikayo Owoeye
September 10, 2018
in Business News, Company News
Union Bank of Nigeria Plc

Union Bank of Nigeria Plc

Share on FacebookShare on TwitterShare on Linkedin

Union Bank of Nigeria has announced the registration of a N100 billion Debt Issuance Program and the subsequent inaugural issuance of Series I and II Bonds under the newly registered Bond Program. At the conclusion of the Book Build, the N20 billion issuance was 165% subscribed.

The new funding is expected to support Union Bank’s loan book diversification efforts and provide further working capital.

Chief Executive Officer of Union Bank, Emeka Emuwa, noted that the inaugural issuance under the N100 billion bond program marks a milestone achievement in the bank’s bid to accelerate business growth and continue its commitment to re-establish the bank as one of Nigeria’s leading financial institutions.

RelatedPosts

MTN Nigeria appoints Onyinye Ikenna-Emeka as General Manager, Fixed Broadband

Why court awarded Nigerian musician N20 million in damages against MTN, others

Race to raise capital by Tier 2 banks

Tier two banks in the country continue to face a tougher time dealing with liquidity challenges, and several of them initiated plans to embark on a capital raise. Diamond bank, disposed of its non-essential assets to boost its capital base.

Recall that Atlas Mara, the Pan African banking vehicle set up by Bob Diamond, recently announced it had acquired an additional 1% stake in tier two lender, Union Bank. This amounts to 280,956,166 shares. The firm has progressively increased its stake in the lender since acquiring a 20% stake from the Asset Management Company of Nigeria (AMCON) in 2012.

The bank in its recently released H1 2018 results show the bank reported a 16% increase in Gross earnings of ₦83.33 billion for the period ended June 2018 compared to ₦72.06 billion reported for the period ended June 2017. Its Profit before tax also increased from ₦9.46 billion in H1 2017 to  ₦11.66 billion for the period ended June 2018.

Its share price is currently trading at N5.30 on the floor of the Nigerian Stock Exchange. Its one year return is down by 13.11%.

Union Bank, founded in 1917, is one of Nigeria’s oldest commercial banks and was listed on the Nigerian Stock Exchange in 1971. The Asset Management Company of Nigeria (AMCON) injected N239 billion as capital into the bank in 2011.

Related

Tags: Asset Management Company of Nigeria (AMCON)Union Bank Plc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • MTN Nigeria appoints Onyinye Ikenna-Emeka as General Manager, Fixed Broadband
    • FG to accelerate deployment of 5G services with approval for Microsoft Enterprise agreement
    • Bulls are back: Nigerian stock market gains N8 billion

    Follow us on social media:

    Recent News

    MTN Nigeria appoints Onyinye Ikenna-Emeka as General Manager, Fixed Broadband

    MTN Nigeria appoints Onyinye Ikenna-Emeka as General Manager, Fixed Broadband

    June 30, 2022
    FG approves digital ID for Internally Displaced Persons - Pantami, Minister denies approving NIPOST license fee increment , Isa Ali-Pantami, NCC to determine number of phone numbers entitled to an individual  

    FG to accelerate deployment of 5G services with approval for Microsoft Enterprise agreement

    June 30, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com