Union Bank of Nigeria (UBN) is planning to sell its non-banking subsidiaries by the end of February 2015, CEO Emeka Emuwa has said.
The move by UBN is to focus on retail and business banking and to comply with new rules set by the central bank, which bailed out UBN during a debit crisis in 2009.
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Emuwa said the divestment will see the sale of about nine units of UBN including insurance, property, share registry, trustee businesses and others before the first quarter of 2015.
"The restructuring will enable us focus on core banking and do more in our area of competitive advantage, which is commercial banking," Emuwa added.
Following the sale of units, UBN plans to use electronic channels to grow its retail banking business in Nigeria and will continue to operate its international banking unit in Britain.
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