Atlas Mara Says It Can’t Wait To Own Majority Holding In Union Bank

Union Bank stock may be in for a bid in coming weeks as Atlas Mara Ltd., co-founder Robert Diamond, says he wants a majority stake in the bank.
“Atlas Mara’s “big priority right now” is to turn its 32 percent stake in Union Bank of Nigeria Plc into a majority holding,” Diamond said in an interview today at the Bloomberg Africa Business and Economic Summit in Cape Town.
Bob Diamond’s Atlas Mara venture paid $270m for its current 30 percent stake in Union Bank of Nigeria in 2014.
The London-listed group bought the shares from Nigeria’s Asset Management Corporation (AMCON), a vehicle set up by the country’s central bank to absorb non-performing loans in the wake of the 2009 banking crisis.
Union Bank stock ended trading at N5.05 per share today, valuing the company at N85.5 billion.