July 10 (Lagos) - United Bank for Africa Plc has announced the
completion of its rights issue, following the approval of the Central
Bank of Nigeria and the Securities and Exchange Commission.
bank raised N11.5bn (US$57.8m) by issuing one ordinary share for every
existing 10 units at a price of N3.50 each. The offer was fully
subscribed by its shareholders.
With this additional equity, UBA
said it had fortified its capital base ahead of the full implementation
of Basel II, which requires higher capital buffer for banks, to
accommodate credit, operational and market risks inherent in the
business of financial intermediation.
bank had in December last year raised N30.5bn in tier II capital
through the issuance of seven year fixed rate unsecured notes, maturing
has also completed a dual listing of its corporate bond on the Financial
Market Dealers Quotation Over the Counter market and the Nigerian Stock
Exchange, making it the first Nigerian company to do so.
first quarter results of the bank for the period ended March 2015
showed that its earnings rose by 22 per cent to N83bn from N68bn in the
comparative period of 2014.
Reporting for easykobo.com on Friday,July 10, 2015 from Lagos,Nigeria.
If you would like to post comments! Please log in.