Union Bank to Divest Non-banking Subsidiaries in 18 Months

by Research 28. October 2013 08:10

Union Bank of Nigeria Plc at the weekend said it will divest its non-banking subsidiaries within the next 18 months in order to comply with the Central Bank of Nigeria (CBN ) regulations separating business and retail banking.

The central bank had three years ago repealed the universal banking model and enforced a new minimum capital requirements for banks in a bid to avoid a repeat of the 2009 near collapse of several lenders, including Union Bank.

Union Bank scaled a recapitalisation hurdle after the central bank propped it up and it agreed a $750 million cash injection by a group of investors to keep it afloat.

"Following (central bank’s) approval, Union Bank will proceed to divest its interests in its non-banking and portfolio companies and operate as an international commercial bank," the bank’s Chief Executive Officer, Mr. Emeka Emuwa, said in a statement.

Reuters also quoted Emuwa to have said the bank had 18 months to implement the divestment, saying that owning non-banking units had become less important with the growth in its core business and its ability to partner with other firms to cross-sell products.

The CBN Governor, Mallam Sanusi Lamido Sanusi, had launched a historic $4 billion bailout of nine banks shortly after taking office in 2009, pledging to reform the industry and get credit flowing to the productive real sector and small businesses.

The new banking model requires lenders to sell all non-core businesses and form a holding company if they intend to carry out insurance, asset management and capital market activities.
Sanusi had said his primary objective was to ensure banks were effectively supervised and to ensure the safety of depositors' funds by prohibiting them from speculative capital market activities.


"The post-divestment structure will reduce the overall risk profile of the bank, while increasing the protection of depositors' funds," Union's Chief Risk Officer, Kandolo Kasongo, said, adding that the sale proceeds would be used to boost the bank’s balance sheet.

Source: Thisday Live



23/07/2014 17:11:32 #

Full Report

Howdy, I am new to running a blog and websites in general and was wanting to know how you got the "www" included in your web address name? I see your web address, "" has the www and my domain looks like, "http://mydomain.com". Do you know the simplest way I can change this? I'm using Wordpress. Thank you so much

Full Report United States

23/07/2014 17:25:33 #


Hello there, simply became alert to your weblog thru Google, and located that it is really informative. I am going to watch out for brussels. I’ll be grateful for those who proceed this in future. Many folks will likely be benefited from your writing. Cheers!

Filmovizija United States

23/07/2014 17:32:36 #

sex toys

Valuable information. Lucky me I discovered your website unintentionally, and I am shocked why this coincidence didn't came about in advance! I bookmarked it.

sex toys United States

23/07/2014 17:56:44 #

click the next website page

Wonderful blog! I found it while surfing around on Yahoo News. Do you have any tips on how to get listed in Yahoo News? I've been trying for a while but I never seem to get there! Many thanks

click the next website page United States

23/07/2014 17:58:39 #

Read This method

Hi! Do you know if they make any plugins to assist with Search Engine Optimization? I'm trying to get my blog to rank for some targeted keywords but I'm not seeing very good success. If you know of any please share. Thank you!

Read This method United States

23/07/2014 18:05:23 #

great post to read

Hi, i read your blog occasionally and i own a similar one and i was just curious if you get a lot of spam responses? If so how do you stop it, any plugin or anything you can suggest? I get so much lately it's driving me insane so any help is very much appreciated.

great post to read United States

23/07/2014 18:08:22 #

Extra resources

Would you mind if I quote a few of your articles as long as I provide credit and sources returning to your weblog: . I most certainly will aslo be certain to give you the appropriate anchor-text hyperlink using your website title: . Be sure to let me know if this is okay with you. With thanks

Extra resources United States

23/07/2014 18:24:11 #

This Web-site

Hey! This is kind of off topic but I need some help from an established blog. Is it tough to set up your own blog? I'm not very techincal but I can figure things out pretty fast. I'm thinking about creating my own but I'm not sure where to begin. Do you have any points or suggestions? Appreciate it

This Web-site United States

23/07/2014 18:40:03 #

residential steam showers

amazing suggestions on this site , really beneficial

residential steam showers United States

23/07/2014 19:18:01 #

msn maps and driving directions

I am really impressed with your writing skills and also with the layout on your weblog. Is this a paid theme or did you customize it yourself? Either way keep up the nice quality writing, it’s rare to see a nice blog like this one today..

msn maps and driving directions United States

23/07/2014 19:20:55 #


I absolutely love your blog and find many of your post's to be just what I'm looking for. can you offer guest writers to write content for you personally? I wouldn't mind producing a post or elaborating on some of the subjects you write regarding here. Again, awesome weblog!

Filmovizija United States

23/07/2014 19:26:40 #

potato soup slow cooker

whoah this blog is excellent i love reading your articles. Keep up the great work! You know, lots of people are looking around for this information, you could help them greatly.

potato soup slow cooker United States

23/07/2014 19:27:10 #

alkaline water

After examine a couple of of the blog posts in your web site now, and I really like your method of blogging. I bookmarked it to my bookmark website list and shall be checking back soon. Pls check out my website as nicely and let me know what you think.

alkaline water United States

23/07/2014 20:09:08 #

Discover More

Hmm is anyone else having problems with the images on this blog loading? I'm trying to determine if its a problem on my end or if it's the blog. Any feedback would be greatly appreciated.

Discover More United States

23/07/2014 20:13:30 #


magnificent issues altogether, you just won a new reader. What might you suggest in regards to your put up that you simply made a few days ago? Any certain?

Filmovizija United States

23/07/2014 20:44:50 #

ed maldonado

Would you be considering exchanging hyperlinks?

ed maldonado United States

23/07/2014 21:00:34 #

potatoes julienne

There are actually a lot of details like that to take into consideration. That may be a nice level to convey up. I offer the ideas above as normal inspiration however clearly there are questions like the one you carry up the place an important thing might be working in sincere good faith. I don?t know if best practices have emerged round things like that, however I'm sure that your job is clearly recognized as a fair game. Both boys and girls really feel the affect of just a moment’s pleasure, for the rest of their lives.

potatoes julienne United States

23/07/2014 21:11:57 #

steam shower enclosures

Truly Love this blogging site, good work

steam shower enclosures United States

23/07/2014 21:14:28 #

ed maldonado

Hey there,  You've performed a fantastic job. I will certainly digg it and personally recommend to my friends. I am confident they will be benefited from this web site.

ed maldonado United States

23/07/2014 21:16:45 #

continue reading this..

Hey! I could have sworn I've been to this website before but after checking through some of the post I realized it's new to me. Nonetheless, I'm definitely happy I found it and I'll be bookmarking and checking back often!

continue reading this.. United States

23/07/2014 21:33:34 #


Good – I should definitely pronounce, impressed with your web site. I had no trouble navigating through all tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or something, site theme . a tones way for your client to communicate. Nice task..

Filmovizija United States

23/07/2014 22:22:58 #

kataskeyh e-shop

excellent points altogether, you just gained a brand new reader. What would you recommend about your post that you made some days ago? Any positive?

kataskeyh e-shop United States

23/07/2014 23:23:38 #

ed maldonado

Thank you, I have just been searching for information about this topic for ages and yours is the greatest I've came upon till now. However, what concerning the conclusion? Are you certain about the supply?

ed maldonado United States

23/07/2014 23:42:40 #

Get More Info

Howdy! Do you know if they make any plugins to assist with Search Engine Optimization? I'm trying to get my blog to rank for some targeted keywords but I'm not seeing very good gains. If you know of any please share. Thank you!

Get More Info United States

Add comment

(Will show your Gravatar icon)

  Country flag

  • Comment
  • Preview

Powered by BlogEngine.NET
Theme by Mads Kristensen



<<  July 2014  >>

View posts in large calendar