Obinna Chima with agency report
Two Nigerian lenders – Zenith Bank Plc and Access Bank Plc – are among the list of financial institutions from Africa and the Middle East that have indicated an interest in the acquisition of Union Bank Plc and other African assets of Atlas Mara Group, a Pan-African banking group.
Bloomberg which disclosed this quoted sources familiar with the matter to have disclosed that Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond has received a number of approaches for its 49.97 per cent holding in Lagos-based Union Bank of Nigeria.
Zenith Bank Plc and Access Bank Plc are among the suitors that have expressed interest alongside other African rivals such as Morocco’s Attijariwafa Bank, the sources said.
Zenith Bank and Access Bank are among the list of financial institutions from Africa and the Middle East to indicate interest in the acquisition of Union Bank and other African assets of Atlas Mara Group, a Pan-African banking group.
This will likely bring to an end, the incursion of Bob Diamond, the founder of Atlas Mara Limited and a former Chief Executive of Barclays Bank Plc, into the African financial market, after misjudging competition on the continent and overpaying for acquisitions.
According to a report from Bloomberg, which quoted sources who preferred to be anonymous as it was yet to be made public, the London-listed group has received a number of offers for its 49.97% stake in Union Bank of Nigeria Plc.
Suffers 17% decline in profit before tax
Board elects not to pay dividend in 2020
BAKANG TIRO
editors@thepatriot.co.bw
The Pan African and Botswana Stock Exchange (BSE) listed bank, BancABC accrued P544.7 million revenues for the financial year ended 31 December 2020.
BancABC Botswana, which is part of Atlas Mara Group, achieved a modest growth in 2020.
“Despite the economic and global challenges, income lines showed relative resilience and growth in the case of Net Interest Income (NII), although this was insufficient to offset challenges of increases in expected credit losses. Overall the bank had a 17% (P25.7 million) decline in profit before tax (PBT) from a restated position of P150.6 million to P124.9 million,” the bank stressed.