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Tuesday, January 9, 2018 /9:14 AM / UBN
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.
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