Atlas Mara Buys 21% Stake in Union Bank of Nigeria for $270M

Bob Diamond’s Atlas Mara Co-Nvest Ltd. (ATMA.LN) said Friday it has exercised an option to buy a 20.9% stake in Union Bank of Nigeria PLC (UBN.LA) for $270 million, taking its interest to 29.9%.

Union Bank of Nigeria provides a broad range of banking services to retail and commercial customers, predominantly in Nigeria, sub-Saharan Africa’s largest economy. It currently has a network of almost 340 branches across the country.

As at June 30, the bank had $6.3 billion in assets, $1.7 billion in loans, $3.1 billion in deposits and $1.3 billion in equity.

Atlas Mara, an investment vehicle co-founded by the former Barclays chief executive late last year to buy up African banking assets, said the parties are working to obtain regulatory approval and satisfy closing conditions as promptly as possible. Source: WSJ