• Business - Companies
  • Updated: August 31, 2022

Continued Poor Performance Made Us Agree To Sell Union Bank UK, Says Shareholders

Continued Poor Performance Made Us Agree To Sell Union Bank

The shareholders of Union Bank UK Plc have agreed to sell off the bank in their recent Extra Ordinary General Meeting (EGM) due to the continued poor performance of the bank.

Recently, Fidelity Bank Plc announced that it has entered a  binding agreement for the acquisition of a 100 per cent equity stake in Union Bank UK Plc, for which the central bank has issued a letter of no objection.

Boniface Okezie, the national coordinator of the Progressive Shareholders Association said the development is in order 

“The UK bank has not been growing revenues, they have been recording losses over the years, and that is one major reason they want to dispose of it. You let it go when it wants to drive you down,” Okezie said.

Okezie further explained that current staff would not lose their jobs, adding that only those who have bad records might be retrenched.

Also, Chief Timothy Adesiyan, a shareholder and the former President, of Noble Shareholders Association, said: “Union Bank in Nigeria was offered for sale by the people who originally bought it when they discovered it was not working. I am in support of the sale, when you buy something and it is not making a profit, you need to sell it”.


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