Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,743,696 members, 6,508,941 topics. Date: Monday, 27 September 2021 at 12:12 AM

Zenith, Access Want To Acquire Union Bank - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Zenith, Access Want To Acquire Union Bank (22290 Views)

Zenith Bank To Acquire Union Bank / Zenith, Access, GTB, FBN Battle For The Crown Of Nigerian Banking / Talks On For Access Bank To Acquire Diamond Bank (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Zenith, Access Want To Acquire Union Bank by dre11(m): 11:37am On May 07
Zenith, Access Banks Express Interest To Acquire Union Bank

Obinna Chima with agency report

Two Nigerian lenders – Zenith Bank Plc and Access Bank Plc – are among the list of financial institutions from Africa and the Middle East that have indicated an interest in the acquisition of Union Bank Plc and other African assets of Atlas Mara Group, a Pan-African banking group.

Bloomberg which disclosed this quoted sources familiar with the matter to have disclosed that Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond has received a number of approaches for its 49.97 per cent holding in Lagos-based Union Bank of Nigeria.

Zenith Bank Plc and Access Bank Plc are among the suitors that have expressed interest alongside other African rivals such as Morocco’s Attijariwafa Bank, the sources said.

THISDAY also confirmed the development from sources in the two tier-1 banks, who also pleaded to remain anonymous.

Middle Eastern banks and private equity suitors have also shown interest, according to the sources. Some potential buyers have indicated that they may acquire all of Atlas Mara’s remaining assets in Africa, which would include its Zimbabwe unit, they said.

Atlas Mara has been working with Rothschild & Co. to consider options for its Union Bank stake. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said.

Representatives for Atlas Mara and Zenith Bank didn’t immediately respond to requests for comment. Attijariwafa Bank Managing Director Ismail Douiri and a representative for Access Bank declined to comment.

A deal could bring down the curtain on Atlas Mara’s African foray after Diamond, a former Barclays Plc chief executive officer, misjudged competition on the continent and overpaid for acquisitions. The company said recently that it’s secured regulatory approval for the sales of its businesses in Botswana and Mozambique and received interest in other assets, without elaborating.

Atlas Mara also said it completed a planned restructuring process and extended a standstill agreement with its creditors to May 17 to complete the necessary documentation. It’s still in legal disputes with two creditors, TLG and Norsad, it added.

The coronavirus pandemic has accelerated the need to reposition the company, which has seen a plunge of about 96% in its stock since it started trading toward the end of 2013. The firm’s stake in UBN, Nigeria’s sixth-biggest bank by market value is its largest investment and seen as a foothold into the continent’s most populous nation.

Commenting on the matter, Frontier and Sub-saharan Africa Banks’ Analyst, Renaissance Capital, Adesoji Solanke, wrote in a note made available to THISDAY yesterday: “Good for Atlas Mara if they’re able to exit successfully, as they’ve been selling a bunch of assets over the past year, to KCB and Access Bank respectively across different markets. Whether they get a good valuation for Union Bank is another thing.

“We don’t think it’ll be a transformational deal for Access or Zenith (Return-on-Equity dilutive for both), but could be a good way for the Middle Eastern banks to get a decent foothold in the market. We suspect getting the other private equity investor block to sell will be critical as we wouldn’t expect a strategic bank investor to desire a minority shareholding.”

https://www.thisdaylive.com/index.php/2021/05/07/bloomberg-zenith-access-banks-express-interest-to-acquire-union-bank/

1 Like

Re: Zenith, Access Want To Acquire Union Bank by GIANTPLUSHUB: 12:09pm On May 07
Mheen! They will acquire and spoil this nice bank

21 Likes

Re: Zenith, Access Want To Acquire Union Bank by HONESTFACT101(m): 12:21pm On May 07
it really pains to be smallgrin......signing out

8 Likes

Re: Zenith, Access Want To Acquire Union Bank by Electroweb(m): 12:21pm On May 07
...big strong reliable.

23 Likes 2 Shares

Re: Zenith, Access Want To Acquire Union Bank by Ishilove: 12:36pm On May 07
Access bank should not carry their demons and banditry to Union bank. The one they did to Diamond bank is enough

163 Likes 8 Shares

Re: Zenith, Access Want To Acquire Union Bank by EmmaLege: 12:50pm On May 07
Hmm
Re: Zenith, Access Want To Acquire Union Bank by cbrezy(m): 12:50pm On May 07
They're all the same undecided lipsrsealed
Re: Zenith, Access Want To Acquire Union Bank by Shellsploit: 12:51pm On May 07
It is finished...
Acc**s bank and their ill luck.. everything they touch surely dies.


Lemme go and withdraw my remaining N750 left in my Union bank acct.

66 Likes 2 Shares

Re: Zenith, Access Want To Acquire Union Bank by tunwumi: 12:51pm On May 07
Access bank buy will be with more pain. As many branches will be closed down just like Diamond's case.

I believe others will still join this race if the balance sheet of the bank is good.
Re: Zenith, Access Want To Acquire Union Bank by morikee(m): 12:51pm On May 07
This Access Bank always ready to acquire any small bank with their shitty service.

36 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by Besko(m): 12:51pm On May 07
Nice 1
Re: Zenith, Access Want To Acquire Union Bank by qanda: 12:51pm On May 07
Re: Zenith, Access Want To Acquire Union Bank by 001slickochuko: 12:51pm On May 07
Zenith bank, stay clear abeg e get why

4 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by visijo(m): 12:52pm On May 07
Pregnant women and their wahala.

Which one is "Honey please clap your hands, the baby needs noise" �

54 Likes 6 Shares

Re: Zenith, Access Want To Acquire Union Bank by Chidexter(m): 12:52pm On May 07
Ishilove:
Access bank should not carry their demons and unarmed robbery to Union bank. The one they did to Diamond bank is enough

Swears, very anyhow bank

16 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by GBOKASINCHA(m): 12:52pm On May 07
cry
Re: Zenith, Access Want To Acquire Union Bank by SmartPolician: 12:52pm On May 07
Wetin dey give these banks money? undecided undecided

8 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by Shellsploit: 12:52pm On May 07
visijo:
Pregnant women and their wahala.

Which one is "Honey please clap your hands, the baby needs noise" �

U don madt finish ...
I swear.. grin

45 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by OBTMOS(m): 12:52pm On May 07
Long overdue. Next is unity bank

6 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by yomifola(m): 12:52pm On May 07
All I see is the work of emefiele

Igbo wan buy all Yoruba bank finish


grin

8 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by Lashist(m): 12:52pm On May 07
Anything access bank touches turns to thrash

17 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by DrAkpa(f): 12:52pm On May 07
Buhari badluck smelling every whete

2 Likes

Re: Zenith, Access Want To Acquire Union Bank by Rahkman: 12:53pm On May 07
Ishilove:
Access bank should not carry their demons and unarmed robbery to Union bank. The one they did to Diamond bank is enough
then remove ur money and put it inside pot.... no be by force use bank
Re: Zenith, Access Want To Acquire Union Bank by Sunisonflex39(m): 12:53pm On May 07
Access bank should remove their hand.. The diamond bank they bought, waiting come out?

10 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by Danny50: 12:53pm On May 07
Arrant nonsense mbok leave my bank for me o

4 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by wallay77(m): 12:53pm On May 07
Desmond elliot don affect union bank again..nawa ooo

20 Likes

Re: Zenith, Access Want To Acquire Union Bank by GreaterFuture(m): 12:53pm On May 07
Hmmmn, Smh
Re: Zenith, Access Want To Acquire Union Bank by Rickbronz(m): 12:54pm On May 07
OK

Meanwhile get a quick and affordable loan with no collateral requirements. Check my signature.

1 Like 1 Share

Re: Zenith, Access Want To Acquire Union Bank by yeleel: 12:54pm On May 07
Union bank horse don dey weak be dat ooo

2 Likes 2 Shares

Re: Zenith, Access Want To Acquire Union Bank by Racoon(m): 12:54pm On May 07
shocked Union bank want to liquidate? I went to their Enugu headquarters branch one day and this fear now is being confirmed.

6 Likes 1 Share

Re: Zenith, Access Want To Acquire Union Bank by Waleprotocol(m): 12:55pm On May 07
Hmm. [b][/b][color=#006600][/color]
Re: Zenith, Access Want To Acquire Union Bank by Thegoodtravels: 12:55pm On May 07
Ok. All the best to them.

(1) (2) (3) (Reply)

Who Is Jimoh Ibrahim? / Can Nigeria Replicate China's Economic Transformation? - BBC / Cost Of Billboard Advertising In Nigeria (Abuja)?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 61
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.