Union Bank of Nigeria has received a $30m loan from the International Finance Corporation (IFC) to boost trade financing and working capital lending to Nigerian firms. The funding will allow the bank to extend lending to businesses in food, healthcare, manufacturing, and services sectors. The loan from IFC, made through its COVID-19 Emergency Response Working Capital Solutions Envelope, will help Union Bank’s customers during the economic impacts of COVID-19. IFC has an investment portfolio of $2.3bn in Nigeria across several sectors.
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Union Bank exits NGX-30 index as Wema Bank joins
Union Bank of Nigeria and Oando have left the NGX-30 index, a list of the top 30 companies listed on the Nigerian Exchange (NGX) in terms of market capitalisation and liquidity, while Wema Bank and BUA Foods have joined the list. MRS Oil was added to the oil and gas index and Oando was removed, while African Alliance Insurance was removed from the insurance sector.
Categories: Banks -
Nigeria’s most memorable corporate deal in 2022 was between Titan Trust
Titan Trust Bank has acquired Union Bank in Nigeria through a mandatory takeover. The new company acquired 1,927,532,558 ordinary shares in Union Bank, which represented 6.59% of the company’s shareholding, valuing the shares at 50 kobo each. Titan Trust Bank was established in December 2018 and received its national banking license in April 2019. Union Bank, one of the oldest and most successful financial institutions in the country, was established in 1917 and has a network of over 255 sales and service centres across Nigeria and more than 925 ATMs.
Categories: Banks