Union Bank To Deploy Fresh Capital To Business Areas In 2018

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By Nse Anthony-
(Sundiata Finance) – Chief executive officer of Union Bank, Mr. Emeka Emuwa, has the bank would deploy fresh capital across identified business areas and is expected to increase capacity to serve customers better while accelerating the speed of doing business in 2018 and delivering returns to investors in short to medium term.
In a statement issued yesterday, he said this year, Union Bank had successfully raised N49.7 billion through rights issues that closed October 30, 2017 with subscriptions recorded at 120 per cent. According to him, “The support of our shareholders has been critical to the rebuilding and transformation of Union Bank the past five years.
“With 20 per cent oversubscription of the bank’s Rights Issue, they have once again demonstrated a high level of confidence and support for the bank’s short to medium term strategic priorities. Having successfully raised the required capital, we accelerate the pace of doing business in 2018 as we begin to deploy this fresh capital across identified business areas which will increase our capacity to serve customers better while also delivering returns to our investors in the short to medium term.”
The capital was to ensure the bank maintains a strong buffer above regulatory capital adequacy requirements as drives towards its vision to be Nigeria’s most trusted and reliable banking partner.
Union Bank launched the N49.7 billion Rights Issue on September 20, 2017 with shares available to shareholders at the ratio of five ordinary shares for every seven previously held as at August 21, 2017. The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) had concluded the share allotment and capital clearance review in last year.