LAGOS, NIGERIA – September 07, 2018 – Union Bank of Nigeria Plc (Union Bank), one of Nigeria’s long-standing and most respected financial institutions, is pleased to announce the registration of a N100 billion Debt Issuance Programme (the “Bond Programme”), and the subsequent inaugural issuance of Series I and II Bonds under the newly registered Bond Programme.
At the conclusion of the Book Build, the proposed N20 billion issuance was 165% subscribed. This level of response to our debut issuance is a testament to the growing strength of the Bank’s brand and performance and underscores the high level of investor confidence. Following an extensive transformation programme which commenced in 2014, Union Bank has focused on being Nigeria’s most reliable and trusted banking partner.
Notwithstanding the over-subscribed book and the active participation from a wide array of institutional investors (including pension fund and asset managers), Union Bank maintained its discipline on pricing.
According to the Chief Executive Officer of Union Bank, Emeka Emuwa;
“The inaugural issuance under the N100 billion bond programme marks a milestone achievement in our bid to accelerate business growth and continue our commitment to re-establish the bank as one of Nigeria’s leading financial institutions. I acknowledge the efforts of the investor community in ensuring the success of this bond issuance under our registered programme and assure them that their confidence in us will be met with the effective delivery of our long-term growth strategy.”
The new funding will support Union Bank’s loan book diversification efforts and provide further working capital as it forges ahead towards its vision to be Nigeria’s most trusted and reliable banking partner.
Issuing Houses for the bond include Stanbic IBTC Capital (Lead), Union Capital Markets, Barclays Securities and Standard Chartered Capital & Advisory.
Note to editors:
About Union Bank Plc.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognizable brand, with an extensive network of over 300 branches across Nigeria.
In late 2012, a new Board of Directors and Executive Management team were appointed to Union Bank and in 2014 the Bank began executing a transformation programme to re-establish it as a highly respected provider of quality financial services.
The Bank currently offers a variety of banking services to both individual and corporate clients including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers its customers convenient electronic banking channels and products including Online Banking, Mobile Banking, Debit Cards, ATMs and POS Systems.
More information can be found at: www.unionbankng.com
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Forward Looking Statement and Disclaimers
This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.