Friday, October 16, 2020 / 11:35 AM / NSE /
Header Image Credit: Guardian NG
compliance with the NSE Rule Book and the Amendments to the Listing Rules,
Union Bank of Nigeria Plc ("Union Bank") hereby notifies our esteemed
a member of the World Bank Group, recently announced a forty million US Dollar
(US$40,000,000) finance guarantee facility to Union Bank to boost access to
finance for local business, enable increased international trade for Nigeria.
US$40 million facility, under IFC's Global Trade Finance Program (GTFP), will
support Union Bank to establish working partnerships with nearly 300 major
international banks within the GTFP network, thereby broadening access to
finance and reducing cash collateral requirements for Nigerian businesses.
facility will enable the continued flow of trade credit into the Nigerian
market at a time when imports are critical, and the country's exports can generate
much-needed foreign exchange.
to the terms of the agreement, the GTFP will offer confirming banks partial or
full guarantees covering payment risk on Union Bank's trade-related
transactions. These guarantees are transaction-specific and may be demonstrated
by a variety of underlying instruments including letters of credit,
trade-related promissory notes, guarantees, bonds, and advance payment
Visit Union Bank
of Nigeria Plc IR Page in Proshare
Graph - One
Year Share Price Movement
Q2 2020 Unaudited Results
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and UBN Both Refute Media Reports Suggesting a Proposed Acquisition
Declares N19.9bn PAT in 2019 Audited Results Proposes N0.25k Final Div.
Notifies of Board Meeting To Approve 2019 Audited Accounts and Commencement of