MBU Capital Acquires UK Subsidiary of Union Bank

Image

By Dipo Olowookere

An investment company based in the England, MBU BidCo Limited, an acquisition vehicle wholly owned by MBU Capital Limited and co-founder by an experienced investment manager, Mr Mohammed Iqbal, has been selected to become the new owner of the United Kingdom subsidiary of Union Bank of Nigeria Plc.

The Nigerian lender, in a notice to the Nigerian Stock Exchange (NSE) on Tuesday, announced that MBU Capital will now control 100 percent stake in the bank subject to approval of the relevant regulatory agencies from the two countries.

Union Bank explained that it was selling the financial institution as part of its “strategy to geographically streamline its business operations to focus on growth opportunities in Nigeria.”

“As the banking landscape shifts towards digital and agency banking to drive financial inclusion, the Nigerian market presents robust long-term opportunities for Union Bank.

“This divestment allows us channel our focus and capital towards mining those opportunities fully. Through the sale, we are better positioned to deliver greater value to the organisation and its stakeholders as well as continue to build the future of banking in Nigeria.

“The terms of the sale of UBUK delivers substantial value to our shareholders, while also entrusting its customers and trading partners to a high-quality financial services institution who will work with existing management to deliver a stronger and more profitable entity,” The CEO of Union Bank, Mr Emeka Emuwa, commented.

On his part, Mr Iqbal, stated that, “We are delighted to announce the acquisition of Union Bank UK, subject to regulatory approval. We see a huge opportunity to build on UBUK’s strengths in international markets to create a new-style bank which is focused on the needs of UK and international SMEs and entrepreneurs.

“Many of these customers are seeking a bank which truly understands the needs of entrepreneurial, fast-growing businesses.

“We believe that our acquisition and vision for UBUK offers the potential for significant growth for the bank. We look forward to working with our new colleagues at UBUK to continue to service the needs of its clients. We also look forward to sustaining and deepening relationships with UBUK’s existing trading partners.”

It was stated that MBU Capital was picked to acquire the bank from a competitive bidding, while Chapel Hill Denham Advisory Limited acted as Financial Advisers with White & Case LLP and Udo Udoma & Belo-Osagie acting as UK Legal Advisers and Nigeria Legal Advisers respectively to Union Bank.

Syndeo Capital Limited (led by Mandeep Ahluwalia) acted as Advisers to MBU Capital with Akin Gump LLP as Legal Advisers and PwC as Financial and Tax Advisers.

Share
Related Stories
Image
02-February-2024

CBN Bans Banks, Fintechs From International Money Transfer Services

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has banned banks and financial technology companies (fintechs) from international money transfer services. This was contained in the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024. The CBN directed that, “All banks are prohibited from operating International Money Transfer services but can act as agents. “Also, Financial Technology Companies are not allowed to obtain approval for IMTO. “The provisions of BOFIA 2020 on the prohibition of employment of certain persons in banks shall also apply to IMTOS.” By stopping banks and fintechs from international

Image
30-January-2024

Ecobank Offers SuperSavers Account Holders 9% Interest Rate

By Modupe Gbadeyanka Holders of Ecobank SuperSavers accounts will enjoy an interest rate of 9 per cent, the financial institution has said. The Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayodele Osolake, explained that this high-yield savings account type is tailored for customers who wish to maximize their returns on savings while benefiting from a customer-focused banking experience. The 9 per cent interest is a six-month reward programme that runs between January and June 2024, and it is part of the lender’s strategic initiatives to continuously encourage a savings culture enabling customers of the bank to

Image
14-February-2024

Access Bank to Give Customers Prizes in Love is More Campaign

By Modupe Gbadeyanka Access Bank Plc has disclosed that its customers would win different prizes in its MyAccessMoreValetineStory designed to reward them for their loyalty. The campaign was launched to make the love season memorable for its valued customers, a statement from the lender explained. It stated that special Valentine’s offers, themed Love is More, were introduced during this period to spread love and financial well-being all through February. “Access Bank is committed to enhancing the financial well-being of our customers while celebrating love in all its forms. “These Valentine’s offers are a token of our appreciation for their continued

Image
10-February-2024

NIBSS Suffers Downtime, Affects Interbank Transfers

By Aduragbemi Omiyale There are strong indications that the instant payment transfer channel of the Nigeria Inter-Bank Settlement System (NIBSS) Plc is currently down. This has reportedly led to the difficulty experienced by banking customers in sending funds to other bank users. It was gathered that the issue started on Saturday, and as of the time of filing this report, it was yet to be resolved. The NIBSS has yet to issue a statement to allay customersfears over their inability to send money to people using banks different from theirs. The situation has created panic among bank users, who are

More Stories
Image
15-January-2024

HabariPay’s Squad Unveils ‘Take On Squad Hackathon’ 1.0

By Aduragbemi Omiyale A new initiative targeted at young innovators in universities and other tertiary institutions in Nigeria has been introduced by HabariPay’s Squad in line with its mission to empower businesses and young innovators across Africa. The contest, known as Take on Squad Hackathon, is a social coding event scheduled to be held on January 19 and 20, 2023, at the GTCO Training Complex at Tayo’s Plaza in Abeokuta, Ogun State. Registration is still ongoing, with interested teams of not more than four members welcome to apply at https://squadco.com/hackathon/. The initiative is designed to impact young Nigerians positively by

Image
31-January-2024

Seven-Up Empowers 80 Small Business Owners in Nigeria

By Modupe Gbadeyanka No fewer than 80 small business owners in Nigeria have been empowered with strategic guidelines for positioning and growth by the leading beverage giant, Seven-Up Bottling Company (SBC). The entrepreneurs in the Small and Medium Enterprises (SMEs) sector were brought together through a two-day bootcamp themed Dream Big, Scale Bigger and were tutored on the intricacies of scaling businesses in the Nigerian ecosystem. At the event held at the SBC’s head office in Ijora, Lagos, participants were given funding tips by one of the partners of the programme, Zenith Bank Plc. The DGM Head of Retail Banking

Image
12-August-2017

Lafarge Lifts Stock Market by 0.25% as GTBank Trades N2.5b Shares

By Dipo Olowookere Equities market in Nigeria closed 0.25 percent higher on Friday after going down 0.11 percent on Thursday. This sharp rebound was influence by gains recorded by Lafarge and 18 other stocks, even though the market breadth still finished negative with 28 equities depreciating at the close of transactions for the day. Business Post reports that it was a very busy day for GTBank at the market, emerging the most traded equity after exchanging 61.8 million shares valued at N2.5 billion. It was followed by UBA, which sold 51 million shares worth N499 million, and Zenith Bank, which

Image
18-November-2021

Equities Lose N49bn as Short-Term Traders Invade Market

By Dipo Olowookere Short-term traders unleashed terror on the market on Wednesday, sending the Nigerian Exchange (NGX) Limited back to the bears’ territory with a 0.22 per cent loss. Business Post reports that the gains recorded yesterday were almost wiped off by profit-taking on the back of selloffs in GTCO, Access Bank, Ardova, FBN Holdings and others. At the close of transactions, there were 24 price losers and 14 price gainers, indicating a negative market breadth and a weak investor sentiment. Japaul closed as the worst-performing stock after its share value depreciated by 9.09 per cent to 40 kobo, followed

Image
23-September-2016

Ambode To Deploy CCTV Cameras In Lagos From October

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has expressed his readiness to commence the deployment of Close Circuit Television (CCTV) Cameras across the state in October. Mr Ambode, who made this disclosure on Friday, also said there were plans to link inner roads in the State to the Lagos Smart City Project. “One of the cardinal areas in which we focus on is security in the State and we have realised that the manpower for policing the state is not sufficient if you look at the ratio of the policemen that we have to the citizens of the

Image
27-February-2020

Christianity, Retirement: RCCG’s Pastor Adeboye at 78

By Nneka Okumazie When Moses was retired at a hundred and twenty – with his eyes not dim, or his strength gone, he was ready to continue for as long as possible, but His director made the call. Someone could argue that his ministry was for forty years, so that duration should be enough in service leadership – which, could be interpreted as a limit on God’s ability to use as He chooses, or continue to do use, according to the timing of life. There were lots of examples in the scriptures where servants of God were retired by Him,

Image
07-March-2019

Mary Kay Unveils Findings on Hyperpigmentation, Facial Erythema

Global beauty company and leader in skin care innovation, Mary Kay Incorporated, continued its ongoing support of the beauty and scientific communities by recently sponsoring the Skin of Color Society Symposium. Mary Kay further showcased its decades-long commitment to conducting cutting-edge skin care research by presenting new findings on hyperpigmentation and facial erythema. At the Skin of Color Society Symposium, Dr. Shoná Burkes-Henderson, Associate Principal Scientist, Clinical Research, revealed new research on navy bean extract and its ability to regulate melanogenesis, leading to an improvement in uneven skin tone and facial hyperpigmentation. Through this clinical study, Mary Kay found that

Image
25-April-2023

The Testosterone Advantage: How This Hormone Impacts Workplace Confidence and Assertiveness

Testosterone is a hormone that is often associated with male physical characteristics and behavior. However, research suggests that testosterone levels can also play a significant role in shaping workplace confidence and assertiveness, regardless of gender. Individuals with higher testosterone levels tend to exhibit more self-assurance and competitiveness, traits that can have a significant impact on career success. Thus, we will discuss all of its key advantages in this article. Improvement in One’s Mood Testosterone has been linked to improved mood in both men and women. Studies have found that individuals with higher levels of testosterone tend to report higher levels

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods