Recapitalisation Update on Union Bank Plc

by Timi Olubiyi 14. September 2011 09:14

Shareholders of Union Bank Plc will maintain a total of 21 per cent stake in the new entity that will emerge after the recapitalisation  of the rescued bank, the bank said on Friday 9th Sept.2011. Deputy General Manager, Treasury, Union Bank, Mr. Yomi Oluyomi, made this disclosure at presentation to senior management of the bank on its ongoing recapitalisation process.He also said that the Asset Management Corporation of Nigeria (AMCON), is expected to hold 19 per cent stake in the bank at the end of the process, while Union Global Partners Limited – the core investor will hold 60 per cent stake in the bank.
 
Union Global Partners is a consortium comprising institutions such as African Capital Alliance, (AC A B – Holdings limited, ACA managed fund, FMONetherlands, Standard Chartered Private Equity, Auctor capital, Carlye Capital, High Vistar); The Keffi Group VIII LLC ( Keffi Group, JC Flowers, BGI); ABC Holdings Limited (Banc ABC Botswana); and Discovery Group Of Connecticut, United State of America.he explained further that: “Some part of the existing shareholding will be salvaged and saved. Core Investor will have a focus to increase value of Union Bank which will benefit all shareholders. Capital Infusion by core investor, AMCON and existing shareholders will make Union Bank one of the most liquid banks in Nigeria and an old trusted brand in a renewed Bank.
 
“There will be major improvements in infrastructure, services and technology to make the banking experience easier and more enriching. International best practice will be implemented in the bank and the level of capital injection means customer money is safer than ever before.”
 
Other senior management staff of the bank also expressed support for the efforts so far made by the board and executive management team towards ensuring that the rescued bank meets the 30th September, 2011 deadline.
 

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