Nigeria: Union Bank to raise $750m

VENTURES AFRICA – Union Bank, a leading Nigerian bank, has revealed that it would seek shareholders’ approval to raise $750 million in June, funds it says would be used to boost lending to the power, telecom and oil sectors. “Union Bank has ramped up lending to key sectors which requires large foreign currency funding” an official statement released to Reuters explained. Union Bank, formerly known as colonial bank, said it was not looking to raise fund from equity as it has an excess in shareholder’s fund of N183.1 billion ($1.13 billion). Rather funds will be sourced through a medium term debt instrument. The Bank is one of the oldest banks in Nigeria with over 50 years presence. Its primary focus is on retail and investment banking, with diversified interest in insurance, securities, investments, real estate and financial management services. It is ranked the 14th largest bank in Africa. (Venture Capital)