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Union Bank of Nigeria Plc. has announced that it has entered a share sale and purchase agreement to divest of its 100 per cent equity stake in Union Bank UK Plc. (“UBUK).
A statement from the bank explains that the sale is aligned with Union Bank’s strategy to geographically streamline its business operations to focus on growth opportunities in Nigeria.
Following a competitive bid process, MBU BidCo Limited, an acquisition vehicle wholly owned by MBU Capital Limited (“MBU Capital”), was selected as the preferred bidder. The completion of the sale is subject to regulatory approvals from the relevant regulatory authorities in Nigeria and the United Kingdom.
Commenting on the planned divestment, Emeka Emuwa, its CEO said: “As the banking landscape shifts towards digital and agency banking to drive financial inclusion, the Nigerian market presents robust long-term opportunities for Union Bank.
This divestment allows us channel our focus and capital towards mining those opportunities fully. Through the sale, we are better positioned to deliver greater value to the organization and its stakeholders as well as continue to build the future of banking in Nigeria.
