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Union Bank of Nigeria Plc (NGSE:UBN) has reached ashare sale and purchase agreement (SPA) with MBU BidCo(MBU) to divest its 100 percent equity stake in UBUK. MBU is an acquisition vehicle wholly owned by MBU Capital Limited.

Subject to obtaining the relevant regulatory approvals in Nigeria and the United Kingdom, ownership of UBUK will be transferred to MBU. The proposed sale of UBUK is aligned with UBN’s medium term strategy to focus primarily on the Nigerian market.

 

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