Jungle Journalist Media Limited
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security
No Result
View All Result
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security

Zenith, Access Banks Express Interest to Acquire Union Bank

by Jungle Journalist
May 8, 2021
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on WhatsApp

Obinna Chima with agency report

Two Nigerian lenders – Zenith Bank Plc and Access Bank Plc – are among the list of financial institutions from Africa and the Middle East that have indicated an interest in the acquisition of Union Bank Plc and other African assets of Atlas Mara Group, a Pan-African banking group.
Bloomberg which disclosed this quoted sources familiar with the matter to have disclosed that Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond has received a number of approaches for its 49.97 per cent holding in Lagos-based Union Bank of Nigeria.

Zenith Bank Plc and Access Bank Plc are among the suitors that have expressed interest alongside other African rivals such as Morocco’s Attijariwafa Bank, the sources said.

ReadAlso

Access Bank Risks Litigation Over Assault, Unlawful Detention, False Accusation Of Staff, As Attorneys Issue 7 Days Ultimatum

THISDAY also confirmed the development from sources in the two tier-1 banks, who also pleaded to remain anonymous.
Middle Eastern banks and private equity suitors have also shown interest, according to the sources. Some potential buyers have indicated that they may acquire all of Atlas Mara’s remaining assets in Africa, which would include its Zimbabwe unit, they said.
Atlas Mara has been working with Rothschild & Co. to consider options for its Union Bank stake. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said.

Representatives for Atlas Mara and Zenith Bank didn’t immediately respond to requests for comment.

ADVERTISEMENT

Attijariwafa Bank Managing Director Ismail Douiri and a representative for Access Bank declined to comment.

A deal could bring down the curtain on Atlas Mara’s African foray after Diamond, a former Barclays Plc chief executive officer, misjudged competition on the continent and overpaid for acquisitions. The company said recently that it’s secured regulatory approval for the sales of its businesses in Botswana and Mozambique and received interest in other assets, without elaborating.

Atlas Mara also said it completed a planned restructuring process and extended a standstill agreement with its creditors to May 17 to complete the necessary documentation. It’s still in legal disputes with two creditors, TLG and Norsad, it added.

The coronavirus pandemic has accelerated the need to reposition the company, which has seen a plunge of about 96% in its stock since it started trading toward the end of 2013. The firm’s stake in UBN, Nigeria’s sixth-biggest bank by market value is its largest investment and seen as a foothold into the continent’s most populous nation.

ADVERTISEMENT

Commenting on the matter, Frontier and Sub-saharan Africa Banks’ Analyst, Renaissance Capital, Adesoji Solanke, wrote in a note made available to THISDAY yesterday: “Good for Atlas Mara if they’re able to exit successfully, as they’ve been selling a bunch of assets over the past year, to KCB and Access Bank respectively across different markets. Whether they get a good valuation for Union Bank is another thing.
“We don’t think it’ll be a transformational deal for Access or Zenith (Return-on-Equity dilutive for both), but could be a good way for the Middle Eastern banks to get a decent foothold in the market. We suspect getting the other private equity investor block to sell will be critical as we wouldn’t expect a strategic bank investor to desire a minority shareholding.”

Share this:

  • Twitter
  • Facebook

Related

Tags: Access BankUnion BankZenith Bank
Share2Tweet2Send
Previous Post

BREAKING: Former Minister Aisha Alhassan (Mama Taraba) Is Dead

Next Post

Mbaka narrates what transpired between him and Bishop Onaga of Enugu Catholic Diocese

You MayAlso Like

Community Reports

Tension as herders take over part of Delta SSG’s community

July 5, 2022
crime

Man electrocuted stealing electric cables in Anambra, four others in police net

July 5, 2022
Biafra

Sit-at-home: Anambra records improved human, vehicular movements

July 5, 2022
Building and Properties

Tansian University Crises: Ezeonwuka’s Children Decry Inclusion Of Father’s Properties In Msgr Akam’s Will

July 3, 2022
National

Edo PDP Serving Senators Lose Out As INEC Reject Obaseki’s List, Accepts Orbih’s

July 2, 2022
Breaking News

JUST IN: Barr Chijioke Edeoga emerges Governorship Flag Bearer of Labour Party in Enugu State

July 2, 2022
Next Post

Mbaka narrates what transpired between him and Bishop Onaga of Enugu Catholic Diocese

Why Akachukwu Nwankpo Cannot Be Swindled By A Desperate Power Bloc

Discussion about this post

ADVERTISEMENT

Recent Posts

  • Tension as herders take over part of Delta SSG’s community
  • Man electrocuted stealing electric cables in Anambra, four others in police net
  • Sit-at-home: Anambra records improved human, vehicular movements
  • OPINION: PDP, Atiku, Okowa and the angry birds
  • Tansian University Crises: Ezeonwuka’s Children Decry Inclusion Of Father’s Properties In Msgr Akam’s Will
ADVERTISEMENT

Recent Comments

  • Ogbuenyi Sunday on Anambra police arrest river-bathing prophet ‘Onye Eze Jesus’
  • Stephen CE on List of international stars who have joined #EndSARS/#EndSWAT and what they said

Trending

JUST IN: Barr Chijioke Edeoga emerges Governorship Flag Bearer of Labour Party in Enugu State

Wike, Obi, Kwankwaso in fresh alliance deal, as plans to make Kwankwaso VP to Obi underway

World’s richest man breaks record, earns Dangote’s total worth of over N6trn in 8 hrs

ADVERTISEMENT

2023: APC fights back, sets up committee to counter Peter Obi’s social media influence

2023: Six PDP governors planning to work against Atiku, PDP

BREAKING: Appeal Court sentences serving Senator to 7 years imprisonment, orders his 2 firms to close down

Edo PDP Serving Senators Lose Out As INEC Reject Obaseki’s List, Accepts Orbih’s

HORROR: 50 kidnapped children rescued from a church underground cell

2023 PRESIDENTIAL ELECTION: AA Candidate, Hamza Al-Mustapha Visits Emir Of Zazzau

Court Orders Uniform Cut-off Mark For All Unity Schools, Stops Disparity Of 134 Average Mark For South-East, 2 For Northern States’ Candidates

ADVERTISEMENT

Popular Stories

  • JUST IN: CBN Governor, Godwin Emefiele sacked

    1504 shares
    Share 602 Tweet 376
  • BREAKING: Enugu LG election turns bloody, 5 killed as unknown gunmen abduct journalists(+Disturbing Images)

    364 shares
    Share 146 Tweet 91
  • BREAKING: Founder of Synagogue for All Nations, TB Joshua dies after programme

    274 shares
    Share 110 Tweet 69
  • EKWEREMADU: How My Journey to UK for a Job Turned to Organ Harvesting – David Nwamini

    230 shares
    Share 92 Tweet 58
  • BREAKING: ICPC Uncovers Billions In Cash Meant For Arms, Ammunition To Fight Boko Haram In Abuja Home Of Ex-Chief Of Army Staff, Buratai

    229 shares
    Share 92 Tweet 57
  • Lekki girl who sleeps with dogs for N1.5M battling incurable diseases, confesses to friend

    222 shares
    Share 89 Tweet 56

ABOUT US

Jungle Journalist Media Limited

Jungle Journalist Media Limited

Jungle Journalist is an online news and information resource centre dedicated to accurate and timely news reports.

Read More >>

CONNECT WITH US

SECTIONS

  • Aviation
  • Biafra
  • birthday
  • Bizarre
  • Breaking News
  • Building and Properties
  • Columnist
  • Community Reports
  • crime
  • Economy and Business
  • Editorial
  • Education
  • Election
  • electricity
  • entertainment
  • Health
  • Holidays
  • Human Rights
  • International
  • Interviews
  • Law
  • Magazine
  • media
  • Money
  • National
  • News
  • Niger Delta
  • North
  • Obituary
  • Oil and Gas
  • Opinions
  • Photos
  • Politics
  • Press Release
  • Religion and Culture
  • Science and Technology
  • Security
  • South East
  • South-South
  • South-West
  • Sports
  • Transport and Aviation
  • Violence
  • Women and Children
  • Worship
  • Youth
No Result
View All Result

NEWS SOURCES

  • Punch
  • Nigerian Tribune
  • The Nation
  • Thisday
  • DailyTrust
  • The Sun
  • Daily Independent
  • PM News
  • Vanguard
  • Premium Times
  • Sahara Reporters
  • The Guardian
  • Leadership
  • Daily Times Of Nigeria
    • About
    • Advertise With Us
    • Privacy Policy

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    No Result
    View All Result
    • News
    • Politics
    • Economy and Business
    • Sports
    • Editorial
    • Education
    • entertainment
    • Health
    • Niger Delta
    • Security

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.