The inaugural Commercial Paper (CP) issuance by Union Bank of Nigeria Plc under its N100billion CP Issuance Programme has opened. The proceeds of the Issuance will be for working capital purposes.
The offer for the Series 1 and 2 CPs tenured 90-days and 181-days respectively opened on Tuesday January 22, 2019 and closes on Friday January 25, 2019. The Settlement Date is Tuesday January 29, 2019. Stanbic Ibtc Capital Limited and Standard Chartered Capital & Advisory Nigeria Limited are the joint arrangers / dealers.
The inaugural CP issuance under the Programme follows Union Bank’s first foray into the domestic debt capital markets as the bank successfully issued its N7.2billion, 3-year and N6.3billion, 7-year Bonds due under its N100billion Debt Issuance Programme.
Union Bank is a full-fledged commercial bank with an international banking subsidiary in the United Kingdom. Union Bank is one of Nigeria’s leading financial services organisations, with an asset base of over N1.5 trillion and shareholders’ funds in excess of N290 billion as at 30 September, 2018.
The Bank currently has approximately 4.3 million active customers served through over 300 sales and service centres, over 1,000 active Automated Teller Machines (ATMs) and over 7,800 Point of Sale (POS) terminals strategically located across Nigeria. Union Bank has won numerous awards over the last two years, such as ‘The Fastest Growing Retail Bank’ by International Finance Magazine, ‘Excellence in Innovation in Banking’ by New Age Banking Awards and the ‘Brand Evolution of the Year’, ‘Iconic Brand of the Year’ awards by Marketing World Awards.
