Union Bank Denies Considering Sale Of Company Stake

Union Bank has denied reports suggesting that the company is considering the sale of 50 percent of its stake.

The bank disclosed this in a statement on Wednesday in response to a Premium Times publication dated Saturday, January 23, 2021, with the title "Union Bank’s principal owner ‘considering sale of 50% stake".

The statement signed by the company secretary, Somuyiwa Sonubi was titled: "Official Response - Re: Unsubstantiated Online Publication by Premium Times" 

It read: "Our attention has been drawn to an online publication by Premium Times dated 23rd January 2021, captioned “Union Bank’s Principal Owner considering sale of 50% stake”. Please note that the unsubstantiated report is based on mere rumours and speculations.

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"Furthermore, Atlas Mara has also published a response to the story which is available on their website.

"The Nigerian Stock Exchange, other regulatory agencies, and members of the public are hereby advised to disregard the publication in its entirety.

Premium Times in its report while quoting Bloomberg who cited insiders familiar with the subject, alleged that the bank was contemplating its future with the Lagos-based lender, as its 49.97 percent ownership has received acquisition offers from domestic bidders.

Early interests in the shareholding of Atlas Mara, a financial services holding company, quoted on the London Stock Exchange were reported to be coming from local banks intent on widening their reach in the Nigerian market, according to sources pleading anonymity because negotiations are still under wraps.