Union Bank PLC for Sale says Atlas Mara Limited, core investor

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Atlas Mara has been working with Rothschild & Co. to consider options for its Union Bank stake since according to the source with many acquisition interests both local and foreign coming forward.

From the local side we have two Nigerian lenders ‘Access Bank Plc & Zenith Bank Plc’  are among the list of financial institutions, other Africa banks 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 has been quoted to have disclosed the sources saying familiar with the matter to have revealed 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.

The report further disclosed that 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.

From the look of this it seem no final decisions have been made, and there’s no certainty the deliberations will lead to a transaction because the representatives for Atlas Mara and Zenith Bank didn’t immediately respond to requests for comment and while Attijariwafa Bank Managing Director Ismail Douiri and a representative for Access Bank declined to comment.

 

 


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