MBU BidCo to acquire Union Bank UK from Union Bank of Nigeria.

MBU BidCo, an acquisition vehicle owned by MBU Capital, an investment management firm, agreed to acquire Union Bank UK, a national commercial bank, from Union Bank of Nigeria. Financial terms were not disclosed. “As the banking landscape shifts towards digital and agency banking to drive financial inclusion, the Nigerian market presents robust long-term opportunities for Union Bank. This divestment allows us channel our focus and capital towards mining those opportunities fully. Through the sale, we are better positioned to deliver greater value to the organization and its stakeholders as well as continue to build the future of banking in Nigeria. The terms of the sale of UBUK delivers substantial value to our shareholders, while also entrusting its customers and trading partners to a high-quality financial services institution who will work with existing management to deliver a stronger and more profitable entity," Emeka Emuwa, Union Bank Chief Executive Officer.