archiveUNION BANK

The foremost financial institution, Union Bank of Nigeria, has reiterated its commitment to providing easy access to capital for Small and Medium-sized Enterprises (SME) in the country to boost the growth and profitability of the sector. This assertion was made at the 2023 edition of the ‘Top 100 Fastest Growing SMEs in Nigeria’ conference recently hosted by Business Day newspaper. The event, ‘Accelerating growth for SMEs in an era of uncertainty,’ brought together industry experts, small business owners, policymakers, and other stakeholders in the SME sector to evaluate and spotlight...

Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have signed a Memorandum of Understanding (MOU). This agreement signifies a joint commitment to addressing economic challenges and revitalising distressed loan portfolios in Nigeria. This MOU was formalised during the German-Nigerian Business Forum in Berlin on November 2023. Under the terms of the MOU, BFREE, in conjunction with its international financing partners, will explore the acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million. The key focus will be refinancing non-performing loan...

Union Bank received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders in Union Bank after the completion of the core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group. The acquisition of the minority shareholding has led to the application to delist Union Bank of Nigeria Plc from the Nigeria Stock Market. This development was implemented by way of a scheme of arrangement between the bank and the bank’s shareholders (the minority shareholders),...