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Atlas Mara lifts Union Bank of Nigeria stake to 48%

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Staff Writer | January 15, 2018
Atlas Mara
Africa   Atlas Mara full subscribed to the rights

Financial services holding company Atlas Mara said that it has increased its stake in Union Bank of Nigeria to 48.0% following a recent rights offering by the African bank.

Prior to the rights issue, Atlas Mara held a 44.5% stake in Union Bank of Nigeria.

The Nigerian bank completed an NGN49.7 billion, around GBP100.0 million, rights issue at a price of NGN4.10 per share on the Nigerian Stock Exchange.

Atlas Mara full subscribed to the rights related to its established 44.5% holding and also acquired through the issue a further 3.5% stake in the bank. The total cost for maintaining and extending its shareholding in UBN through the rights issue was USD75 million, Atlas Mara said.

"We are very pleased to have increased our stake in UBN at a time when leading indicators for Nigeria's macroeconomic performance continue to show improvement," Atlas Mara Chairman Bob Diamond said.

"We remain tremendously excited about the prospects for UBN and committed to building a premier financial services platform in Africa."

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