• Home
  • About
  • Blog
  • Advertise
  • Contact
No Result
View All Result
Ideasgist
NEWSLETTER
  • Home
  • MediaHot
  • Education
    • School
    • Jamb
    • University
    • Polytechnic
    • College of Education
  • TechnologyNew
  • NewsTrending
    • Politics
    • local
    • world
  • Sport
  • Entertainment
    • Media
  • Lifestyle
  • More Topics
    • Business
    • Banking
    • Telecom
    • Job
  • Home
  • MediaHot
  • Education
    • School
    • Jamb
    • University
    • Polytechnic
    • College of Education
  • TechnologyNew
  • NewsTrending
    • Politics
    • local
    • world
  • Sport
  • Entertainment
    • Media
  • Lifestyle
  • More Topics
    • Business
    • Banking
    • Telecom
    • Job
No Result
View All Result
Ideasgist
No Result
View All Result
Home Banking

Union Bank’s Principal Owner ‘considering Sale Of 50% Stake’

by Oluwaseyi Olaniyi
January 24, 2021
in Banking
Reading Time: 2min read
A A
Union Bank’s Principal Owner ‘considering Sale Of 50% Stake’

The holder of the biggest stake in Union Bank of Nigeria is contemplating its future with the Lagos-based lender, as its 49.97 per cent ownership has received acquisition offers from domestic bidders, Bloomberg has reported, citing insiders familiar with the subject.

Early interests in the shareholding of Atlas Mara, a financial services holding company, quoted on the London Stock Exchange, are coming from local banks intent on widening their reach in the Nigerian market, according to sources pleading anonymity because negotiations are still under wraps.


Atlas Mara is currently engaging financial advisor Rothschild & Co. but the deal could be consummated as an outright sale or take another direction as the landscape of a definite takeover is not yet clear.

Nigeria’s biggest lender, Access Bank, is forging a deal with the firm to buy its assets in Zimbabwe, Botswana and Zambia, with that deal close to being delivered.

AlsoRead:

Court Dismisses Case Against CBN’s Directives On Bank Charges

Access Bank Begins Dollar Payment For Fund Transfers

Online Shoppers Prefer Good Customer Experience –Visa

The bank said at an analyst call this week it was looking to gain traction in the financial markets of eight other African countries in a bid to leverage the potential of the continent’s new free trade agreement.

Atlas Mara, based in British Virgin Islands, is paring down its size, following a growth plan that went bad in that it wrongly estimated competition in Africa when it overpaid for acquisitions.


The company’s share of Union Bank, which has a market value of N161.620 billion, is its largest asset and is viewed as a strategic positioning in Africa’s biggest economy.

Bob Diamond, who jointly founded the financial services group, vacated his post as chair of Atlas Mara about two years ago for Michael Wilkerson, chairman of Fairfax Africa, which wields 49% stake in the company.

Union Bank closed trade on the floor of the Nigerian Stock Exchange on Friday at N5.55 per share, up by 1.83%.


A spokesperson for Union Bank, Ogochukwu Ekezie-Ekaidem, told journalist inquiries should be directed to Atlas Mara.

Atlas Mara did not respond to journalist request, via email, for comment.


Follow Ideasgist Now on Facebook and Twitter. Also join in for Latest News, Tech News, Media and lot more.

SUBSCRIBE TO OUR NEWSLETTER





Tags: SharesUnion Bank
ShareTweetSendShare
Oluwaseyi Olaniyi

Oluwaseyi Olaniyi

Related Posts

No Content Available
Load More
  • Trending
  • Comments
  • Latest
Shake-up Imminent In EFCC As 850 Police Personnel May Return To Force Duties

Shake-up Imminent In EFCC As 850 Police Personnel May Return To Force Duties

February 22, 2021
How to block your bank account with code if ATM card is stolen

How to block your bank account with code if ATM card is stolen

November 24, 2020
“I Did Not Abandon My Brother” – Actress Mide Martins Says Amid Backlash

“I Did Not Abandon My Brother” – Actress Mide Martins Says Amid Backlash

February 22, 2021
Davido, Peruzzi Tackles Laycon, Zlatan, Kiddwaya As Music Stars Storm Lagos For Epic Football Match

Davido, Peruzzi Tackles Laycon, Zlatan, Kiddwaya As Music Stars Storm Lagos For Epic Football Match

February 21, 2021

FRESHERS: How To Check Your Matriculation Number

May 3, 2019
#14thHeadies: Fireboy Sweeps Awards As Omah Lay Wins Next Rated; Wizkid, Simi Win (See Full List Of Winners)

#14thHeadies: Fireboy Sweeps Awards As Omah Lay Wins Next Rated; Wizkid, Simi Win (See Full List Of Winners)

February 22, 2021
Gombe Protesters Block Highway Over Failure To Name Monarch

Gombe Protesters Block Highway Over Failure To Name Monarch

February 19, 2021
I Suffered From Depression, Attempted Suicide After Losing My Mother – Actress Nancy Isime

I Suffered From Depression, Attempted Suicide After Losing My Mother – Actress Nancy Isime

February 26, 2021

Job vacancy: Client Service Executive

December 15, 2019

The Polytechnic, Ibadan Includes Certificate Of National Diploma Among Clearance Criteria

December 17, 2018
Spotify Rolls Out Feature To Let Users Filter Liked Songs By Mood, Genre

Spotify Rolls Out Feature To Let Users Filter Liked Songs By Mood, Genre

February 26, 2021
Coinbase: Finding Bitcoin Inventor Satoshi Nakamoto Could Harm The Cryptocurrency

Coinbase: Finding Bitcoin Inventor Satoshi Nakamoto Could Harm The Cryptocurrency

February 26, 2021
Google’s Sleep API To Improve Sleep Tracking, Save Your Phone Battery

Google’s Sleep API To Improve Sleep Tracking, Save Your Phone Battery

February 26, 2021
Kemi Adetiba Releases Documentary Teaser For King Of Boys Sequel (video)

Kemi Adetiba Releases Documentary Teaser For King Of Boys Sequel (video)

February 26, 2021
‘Regulation, Not Prohibition,’ Osinbajo Against CBN’s Ban On Cryptocurrency Trading

‘Regulation, Not Prohibition,’ Osinbajo Against CBN’s Ban On Cryptocurrency Trading

February 26, 2021
Unfreeze My Bank Accounts Or There Will Be Serious Protests In South-West – Sunday Igboho

Pandemonium As DSS, Police Attempt To Arrest Sunday Igboho

February 26, 2021
Europa League Last-16 Draw: Man Utd Face AC Milan, Arsenal Land Olympiakos (See Full Fixtures)

Europa League Last-16 Draw: Man Utd Face AC Milan, Arsenal Land Olympiakos (See Full Fixtures)

February 26, 2021
‘I Will Update The Media’: Sheikh Gumi Speaks On Zamfara Schoolgirls’ Abduction

‘I Will Update The Media’: Sheikh Gumi Speaks On Zamfara Schoolgirls’ Abduction

February 26, 2021
I Suffered From Depression, Attempted Suicide After Losing My Mother – Actress Nancy Isime

I Suffered From Depression, Attempted Suicide After Losing My Mother – Actress Nancy Isime

February 26, 2021
TikTok Releases H2 2020 Global Transparency Report

TikTok Releases H2 2020 Global Transparency Report

February 26, 2021
Facebook Instagram Twitter Youtube

An online media website for latest news and updates in Technology, Business, Education, Sports, Politics, Entertainment, Health, Fashion...and many more.

About

  • Advertise
  • Contact
  • Newsletter

Quick Links

  • Privacy
  • Terms of Use
  • DMCA

Ideasgist © 2021 - Website designed by Ideasbeams.

No Result
View All Result
  • Home
  • Media
  • Education
    • School
    • Jamb
    • University
    • Polytechnic
    • College of Education
  • Technology
  • News
    • Politics
    • local
    • world
  • Sport
  • Entertainment
    • Media
  • Lifestyle
  • More Topics
    • Business
    • Banking
    • Telecom
    • Job

Ideasgist © 2021 - Website designed by Ideasbeams.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?