Access Bank, Zenith Bank Jostle to Acquire Union Bank of Nigeria

Access Bank, Zenith Bank Jostle to Acquire Union Bank of Nigeria

- The majority shareholder of Union Bank is planning to sell their stake in the Nigerian lender to interested bidders

- Atlas Mara owns 49.97% majority stake in the commercial bank, and Zenith Bank and Access Bank plan to acquire the asset

- Other African companies, including private equity firms have also shown interest in purchasing Union Bank

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Union Bank of Nigeria is going up for sale and several Nigerian commercial banks and other African lenders are jostling to acquire the bank. The company is being weighed for sale by its majority shareholder, Atlas Mara.

It was reported that Zenith Bank and Access Bank are among lenders queuing up to acquire Union Bank. They are competing to acquire the 49.97% majority stake owned by Atlas Mara.

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According to Bloomberg, Morocco’s Attijariwafa Bank is among Middle Eastern and private equity firms that have shown interest. With vast suitors, Atlas Mara has partnered with Rothschild & Co. to consider options.

The sale of Union Bank is part of the investment company's decision to exit Africa. While the Nigerian lender is its biggest footprint in Africa, the company is also planning on selling other African assets.

Access Bank, Zenith Bank Jostle to Acquire Union Bank of Nigeria
Nigerian lenders, Zenith Bank, Union Bank and Access Bank. Photo: @zenithbank, @Access_More and @UnionBank_NG
Source: Twitter

Its investment in Botswana and Mozambique are also going to be sold, as Atlas Mara, which is listed on the London Stock Exchange, has received regulatory approval for the sales of its businesses.

The sale of its African investment will bring to an end, Bob Diamond's journey into the financial market of the continent. Diamond had founded Atlas Mara Limited after his tenure as CEO of Barclays Bank Plc.

Meanwhile, had previously reported that Melinda Gates has joined the list of billionaires after Bill Gates transferred $1.8 billion worth of shares to her after their divorce announcement.

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The shares transferred by the Microsoft founder is believed to be part of their divorce settlement which was disclosed by both Bill and Melinda on their social media page on May 3, 2021.

She received the shares through Cascade Investment, the holding company which Gates uses to manage his fortune from Microsoft.


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