Union Bank of Nigeria Plc on Tuesday announced that it had entered a share sale and purchase agreement to divest its 100percent equity stake in Union Bank UK Plc.
Union Bank in a notice to the Nigerian Stock Exchange said the sale is aligned with the 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, was selected as the preferred bidder,” the bank said in the statement.
The completion of the sale is subject to regulatory approvals from the relevant regulatory authorities in Nigeria and the United Kingdom.
Union Bank shares lost 4.84percent to close at N5.90 in Lagos trading on Tuesday
