BRIEF: Nigeria’s Union Bank raises N49.7 billion via right issue

BRIEF: Nigeria’s Union Bank raises N49.7 billion via right issue

Nigeria’s Union Bank has confirmed that it has raised about N49.7 billion via a rights issue that was over-subscribed by nearly 120%.

It would be recalled that Union Bank announced a share sale last year’s September at a ratio of five new shares for every seven held.

Union Bank is majorly owned by Atlas Mara, sub-Saharan focused financial institutions with a portfolio Nigeria, Zambia and other Southern African countries.