Union Bank Begins Sale of N20b Commercial Papers

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By Modupe Gbadeyanka

One of the foremost commercial banks in the country, Union Bank of Nigeria Plc, has commenced the sale of its N20 billion worth of commercial papers.

This is under the N100 billion CP Issuance Programme launched by the financial institution trading its shares on the floor of the Nigerian Stock Exchange (NSE).

Union Bank is issuing two maturities; 90-day and 181-day notes at a respective discount rate of 12.83 percent and 12.97 percent.

Stanbic IBTC Capital Limited and Standard Chartered Capital & Advisory Nigeria Limited are carrying out the sale for the bank, with proceeds to be used for working capital purposes.

The offering started on Tuesday, January 22 and will end on Friday, January 25, 2019, with the settlement date set for Tuesday, January 29, 2019.

According to details of the exercise seen by Business Post, the minimum subscription is N5 million and the commercial papers free of withholding taxes.

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 N7.2 billion, 3-year and N6.3 billion, 7-year Bonds due under its N100 billion Debt Issuance Programme.

Union Bank is a public limited liability company duly licenced under the laws of Nigeria to carry on commercial banking activities in Nigeria.

The 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 September 30, 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 share price as at today was N6.75k per unit.

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