Union Bank presents ‘Facts Behind The N50bn Rights Issue Offer’ at the NSE


The management of Union Bank was at the Nigerian Stock Exchange (NSE) to address key Capital Market stakeholders concerning the Bank’s ongoing N50 billion Rights Issue.   L – R shows Joe Mbulu, Transformation Director, Union Bank of Nigeria Plc; Ade Bajomo, Executive Director, Market Operations and Technology, The Nigerian Stock Exchange (NSE); Emeka Emuwa, Group Managing Director/CEO, Union Bank of Nigeria Plc and Somuyiwa Sonubi, Company Secretary, Union Bank of Nigeria Plc during the Facts Behind the Offer presentation of N50billion Union Bank Rights Issue today at the Exchange in Lagos.while making his presentation said: “This year, the Bank is a hundred years old and we would not be here without all our stakeholders including our shareholders. As we prepare to launch into the future, we launched our N50 billion Rights Issue in order to raise the capital we require to grow the business and position the Bank as one of Nigeria’s leading financial institutions.”

Emuwa also appealed to investors in the bank to accept your rights in full or instructs broker to trade rights on the NSE . The shareholder receives 5 shares for every 7 shares held.

Meanwhile, Union Bank Boss disclosed that the bank is 100 years in operations and that the management is targeting to be a top-tier bank in 2021.

Ade Bajomo, the Executive Director, Market Operations and Technology of the Nigerian Stock Exchange, who represented Oscar Onyema the CEO of the NSE was on hand to receive the Bank’s Management team. While addressing the gathering, he said: “We are pleased that Union Bank has chosen this platform to inform the market of its N50b Rights Issue. Given that the market is driven by timely, relevant and accurate information, interaction with the market through this forum is very welcome and we encourage the Bank to continue.”

The subscription period for Union Bank’s Rights Issue commenced on Wednesday, September 20 following the Bank’s acquisition of all necessary regulatory approvals from the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC).

During the ongoing offer period which is expected to close on Monday, October 30, 12.1 billion Ordinary shares of 50 kobo each, are available at N4.10 per share, on the basis of five new shares for every seven shares held as at August 21, 2017.

The Issuing Houses involved in the transaction are Chapel Hill Advisory Partners Limited which is serving as the Lead Issuing House to the Bank; and FSDH Merchant Bank Limited and Stanbic IBTC Capital Limited as Joint Issuing Houses.

 

About Union Bank Plc:

The Bank Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognizable brand, with an extensive network of over 300 branches across Nigeria.

In late 2012, a new Board of Directors and Executive Management team were appointed to Union Bank and in 2014 the Bank began executing a transformation programme to re-establish it as a highly respected provider of quality financial services.

The Bank currently offers a variety of banking services to both individual and corporate clients including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers its customers convenient electronic banking channels and products including Online Banking, Mobile Banking, Debit Cards, ATMs and POS Systems.

 

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