Investment firm Atlas Mara Co-Nvest (Atlas Mara) has raised its stake in Union Bank of Nigeria (UBN) to 29.9%.

The firm has completed the acquisition of about 20.9% in UBN from Asset Management Corporation of Nigeria (AMCON) for $250m.

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The overall stake now held by Atlas Mara in UBN includes a direct stake of 20.9% and Atlas Mara’s existing 9.05%interest held through its subsidiary, ADC African Development Corporation (ADC).

Atlas Mara CEO John Vitalo said: "Having a significant stake in such a highly regarded bank as UBN is crucial to our strategy of building Sub-Sahara Africa’s leading financial services group. The bank has a strong management team with a clearly defined strategy and a supportive and committed shareholder base."

 

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