Atlas Mara has received offers from local banks wishing to buy over Union Bank.

By Ronald Adamolekun

The holder of the biggest stake in Union Bank of Nigeria is contemplating its future with the Lagos-based lender, as its 49.97 per cent ownership has received acquisition offers from domestic bidders, Bloomberg has reported, citing insiders familiar with the subject.

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

Atlas Mara is currently engaging financial advisor Rothschild & Co. but the deal could be consummated as an outright sale or take another direction as the landscape of a definite takeover is not yet clear.

Nigeria’s biggest lender, Access Bank, is forging a deal with the firm to buy its assets in Zimbabwe, Botswana and Zambia, with that deal close to being delivered.

The bank said at an analyst call this week it was looking to gain traction in the financial markets of eight other African countries in a bid to leverage the potential of the continent’s new free trade agreement.

Atlas Mara, based in British Virgin Islands, is paring down its size, following a growth plan that went bad in that it wrongly estimated competition in Africa when it overpaid for acquisitions.

The company’s share of Union Bank, which has a market value of N161.620 billion, is its largest asset and is viewed as a strategic positioning in Africa’s biggest economy.

Bob Diamond, who jointly founded the financial services group, vacated his post as chair of Atlas Mara about two years ago for Michael Wilkerson, chairman of Fairfax Africa, which wields 49% stake in the company.

Union Bank closed trade on the floor of the Nigerian Stock Exchange on Friday at N5.55 per share, up by 1.83%.

A spokesperson for Union Bank, Ogochukwu Ekezie-Ekaidem, told PREMIUM TIMES inquiries should be directed to Atlas Mara.

Atlas Mara did not respond to a PREMIUM TIMES request, via email, for comment.

https://www.premiumtimesng.com/news/more-news/438293-union-banks-principal-owner-considering-sale-of-50-stake.html

Not the first time hearing this news.

Union bank used to be scrappy but Atlas Mara changed and rebranded union bank, now they want to cash out by selling their stake

if that is done, that bank will be dead finally

Hope Our Money Wouldn't Be Part Of Your Crap?? Some of us have suffered so much for just being a Nigerian

Did I read that Access bank wants to buy Union bank shares?


Please, Access Bank is not able to manage its customers with the Diamond Bank counterparts it bought last year. They've been doing reckless deductions from their customers instead.

Someone approached me last week, he says I should advice him between First Bank and Access bank where to open an account. I suggested Access Bank, but on a second thought after recalling their daily robbery, I called back the guy and told him not to open an account with those banks. I rather suggested two different banks to him althogether.

I want to buy

He don reach dat side mak I go use my 125naira wey dey my Union Bank buy Card before dem swallow my money....

I wonder who uses all thes banks, Union bank, keystone , polaris, fcmb, wema and sterling bank ..... I use to think maybe they had no choice in getting major bank account or they hate anything innovation In their life

Me sef i want to buy it. Nonsense

Better do before another bank buy am.

How much maybe I can stake 10%stake In it

Access Bank, where are you, see free lunch

D

Access bank are not tired of duping Nigerians.

Seems Access likes buying banks bigger than itself

inoki247:
He don reach dat side mak I go use my 125naira wey dey my Union Bank buy Card before dem swallow my money....

The bank really needed an upgrade. Now the fate of the staff are divided.


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Better

Well business goes on. Nothing is better than investing in a good business deal.

Brilliant.....

Did I just read Rothschild is involved? . . . .

It's a done deal, matter of fact I'm buying their shares ASAP!

Edited: Rothschild is on the selling side. . . .

Access bank right now

thebosstrevor1:
Not the first time hearing this news.

Union bank used to be scrappy but Atlas Mara changed and rebranded union bank, now they want to cash out by selling their stake

It is more of cutting down on their losses.
Buhari and oli price was bad for their investment.

Nice..

Do whatever you wish in this life but you see your partners phone stay away from it ��

Union bank is an old generation bank. They need to update with modern trends and if this sales can help it then it's a good thing to do

If the regulators allow a merger between Union Bank and another large bank it would create a near monopoly and this would be counterproductive for the financial landscape in Nigeria

Old people's Bank. Union & first bank, it's either your parents , one old uncle or aunty must definitely an have an account there.

Where's Access Bank getting all the money to acquire these banks?

I hope that they have the capacity to manage all these assets.

One way a company can easily collapse is to invest in multiple areas without having the technical wherewithal to manage them.

The right time to collect that 50k loan they said my account is entitled to from their Sapele branch

All the horse logo na fluke The bank President Buhari bank with wan sink so

wait is buying a bank a good business?

They had better moves with the current digital trends or remain obsolete in the grand scheme of things !


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yomalex:
Seems Access likes buying banks bigger than itself

Many of the so called big banks are "walking corpse".