Finance
Atlas Mara plans to up stake in Union Bank
Atlas Mara Ltd, the African investment vehicle of former Barclays boss Bob Diamond, said that it plans to raise $200 million to increase its stake in Union Bank of Nigeria and to scale up other businesses.
Atlas Mara said it was buying a 13.4 per cent stake in the Union Bank of Nigeria from Clermont Group, taking its total holding to 44.5 per cent.
The bank said it is in discussions with potential investors regarding a possible raising of new equity capital, comprising of $100 million equity offering and a $100 million mandatory convertible bond.
Diamond teamed up with Africa-based entrepreneur Ashish Thakkar to set up Atlas Mara, a vehicle through which they planned to buy up assets to help build it into a powerful force in African banking.
-
News2 days agoCourt orders British Govt. to pay £420m to 21 coal miners killed by colonial masters
-
Finance2 days agoCBN cuts 1-Year Treasury Bill rate, rejects Bids
-
Maritime2 days agoNIMASA mulls expansion of deep blue project, calls for continued partnership with Navy
-
Economy2 days agoBPE, stakeholders unite to rollout $500m free meters, DisCos pledge to lead drive
-
Business2 days agoMTN to acquire controlling stake in IHS Holdings, eyes full ownership
-
Agriculture2 days agoOver 2.5m metric tonnes of food valued N2trn produced in 2yrs—FG
-
Economy14 hours agoDubai’s consumer electronics maker, Maser Group to invest $1.6bn in Nigeria, others
-
Oil and Gas14 hours agoEdo govt, NNPC partner to establish 10,000bpd condensate refinery