TORTOLA, VIRGIN ISLANDS -- (Marketwired) -- 12/19/14 -- Atlas Mara Co-Nvest Limited (LSE: ATMA)
Atlas Mara successfully increases its stake in Union Bank of Nigeria to 29.9%
Atlas Mara Co-Nvest Limited ("Atlas Mara" or the "Company") has successfully completed its previously announced acquisition of approximately 20.9% in Union Bank of Nigeria Plc ("UBN"), from Asset Management Corporation of Nigeria ("AMCON"), for a purchase price of approximately $250 million (the "Transaction").
The Company now owns a total combined interest in UBN of 29.9%, consisting of a direct stake of 20.9% from this transaction and Atlas Mara's existing 9.05% interest held by way of the shareholding through its subsidiary, ADC African Development Corporation AG ("ADC"), in UBN's majority shareholder, Union Global Partners Limited.
John Vitalo, CEO of Atlas Mara, said: "Completing this transaction is an important step for Atlas Mara. Having a significant stake in such a highly regarded bank as UBN is crucial to our strategy of building Sub-Sahara Africa's leading financial services group. The bank has a strong management team with a clearly defined strategy and a supportive and committed shareholder base. We look forward to continued engagement with them as they continue to grow this storied institution."
Bob Diamond, Co-Founder and Director of Atlas Mara, said: "Nigeria continues to represent an attractive destination for investment, particularly in financial services, and our acquisition of this stake in UBN is a key facet of our strategy in the ECOWAS region."
Ashish J. Thakkar, Co-Founder and Director of Atlas Mara, added: "We have been delighted by the constructive spirit of the Nigerian authorities. We look forward to contributing to the development of financial services in Nigeria as long-term participants in the market."
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About Atlas Mara
Atlas Mara was formed by Bob Diamond, CEO and Founder of Atlas Merchant Capital LLC and Ashish J. Thakkar, Founder of Mara Group Holdings Limited, and listed on the main market of the London Stock Exchange in December 2013.
Atlas Mara's strategy is to create Sub-Saharan Africa's premier financial services institution through a combination of its experience, expertise and access to capital, liquidity and funding. The goals are to combine the best of global institutional knowledge with extensive local insights and experience and to support economic growth and financial inclusion in the countries in which the Company operates.
For more information, visit the Company's website at www.atlasmara.com.
Union Bank of Nigeria PLC commenced operations in Nigeria in 1917. It became a public company limited by shares in 1970 with its shares quoted on the Nigerian Stock Exchange.
UBN is a retail and commercial bank with its headquarters located in the central business district of Lagos, Nigeria. UBN has subsidiaries and affiliate companies in Nigeria and across West Africa, providing a range of financial services and products through the following major business segments: Retail & Corporate Banking, Mortgage and Real Estate Services, Insurance, Pension, Stock Brokerage and Asset Management Services.
AMCON was established on the 19th July 2010, when the President of the Federal Republic of Nigeria signed the AMCON Act into Law. AMCON was created to assist in reviving the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.