Union Bank To Raise N50b From Share Sale

By Modupe Gbadeyanka

Foremost financial institution in Nigeria, Union Bank, is looking at raising about N50 billion from the sale of shares.

To realise this, the bank has written to shareholders to get their approval to ensure this move becomes a reality.

Union Bank, in a notice to shareholders last Tuesday, explained that it hopes to raise the N50 billion through a share sale to existing investors.

It said this would take place next month.

Union Bank further said it also expects to get the go ahead to increase its authorised share capital to 17.5 billion naira from 9.5 billion naira on December 7, 2016.