Union Bank of Nigeria Plc. (Union Bank), one of Nigeria’s long-standing and most respected financial institutions announced that the Bank successfully raised N49.7 billion through a Rights Issue which closed on October 30, 2017, with subscriptions recorded at 120%.

The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) concluded the share allotment and capital clearance review in December 2017.

Emeka Emuwa, Chief Executive Officer of Union Bank, said, “The support of our shareholders has been critical to the rebuilding and transformation of Union Bank over the past 5 years. With 20% oversubscription of the Bank’s Rights Issue, they have once again demonstrated a high level of confidence and support for the bank’s short to medium term strategic priorities.

Having successfully raised the required capital, we will accelerate the pace of doing business in 2018 as we begin to deploy this fresh capital across identified business areas which will increase our capacity to serve customers better while also delivering returns to our investors in the short to medium term.”

The new capital will also ensure the bank maintains a strong buffer above regulatory capital adequacy requirements as it drives towards its vision to be Nigeria’s most trusted and reliable banking partner.

Union Bank launched the N49.7 billion Rights Issue on September 20, 2017 , ith shares available to shareholders at the ratio of five new ordinary shares for every seven previously held as at August 21, 2017.

SOURCE: https://brandspurng.com/union-banks-rights-issue-records-120-subscription/

Wow! That's a successful one...

Thumbs up

Good for them

I'd never forget when a huge rat made the beautiful cashier who was about to serve me jump up like a mad woman... Ohhhh!!! The sight of those melons as they jiggled


Union bank Ngwa road branch by East road Aba Abia state..for doubters

Does it in any way make our lives better?

I opened a union back account october last Year.
And to my surprise, only one deduction have been made on my account till date, which is account maintainance fee

I pray it continues this way.

Nice!

Open a Union Bank account today and you will have all the advantages it takes to own an account. I TRIED IT.
.....SIMPLER SMARTER BANK....

It is good for union bank while its sister or subsidiary (Union Home Savings & Loans) had been run aground...It had been run into comatose and people's monies are no longer available to them.

Hmmmm

surprised at how effective the bank is. Had to abandon my bank account in two new generation banks... now have two accounts with them.

I recommend union bank

How i wish money dey to buy from secondary market .

The rebranding thing is really working for them. I visit one of their branches in Ilorin and am wao

I didn't hear about this rights issue

Is it still on offer?