DGAP-News

Atlas Mara successfully increases its stake in Union Bank of Nigeria to 29.9%

DGAP-News: Atlas Mara Co-Nvest Limited / Key word(s): Acquisition
Atlas Mara successfully increases its stake in Union Bank of Nigeria
to 29.9%

19.12.2014 / 12:45

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19 December 2014

Atlas Mara successfully increases its stake in Union Bank of Nigeria to
29.9%

Atlas Mara Co-Nvest Limited ("Atlas Mara" or the "Company") has
successfully completed its previously announced acquisition of
approximately 20.9% in Union Bank of Nigeria Plc ("UBN"), from Asset
Management Corporation of Nigeria ("AMCON"), for a purchase price of
approximately $250 million (the "Transaction").

The Company now owns a total combined interest in UBN of 29.9%, consisting
of a direct stake of 20.9% from this transaction and Atlas Mara's existing
9.05% interest held by way of the shareholding through its subsidiary, ADC
African Development Corporation AG ("ADC"), in UBN's majority shareholder,
Union Global Partners Limited.

John Vitalo, CEO of Atlas Mara, said: "Completing this transaction is an
important step for Atlas Mara. 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. We look forward to continued engagement with them as they
continue to grow this storied institution."

Bob Diamond, Co-Founder and Director of Atlas Mara, said: "Nigeria
continues to represent an attractive destination for investment,
particularly in financial services, and our acquisition of this stake in
UBN is a key facet of our strategy in the ECOWAS region."

Ashish J. Thakkar, Co-Founder and Director of Atlas Mara, added: "We have
been delighted by the constructive spirit of the Nigerian authorities. We
look forward to contributing to the development of financial services in
Nigeria as long-term participants in the market."

Contact details
StockWell Communications, [phone]
Anthony Silverman
Robert Morgan

About Atlas Mara
Atlas Mara was formed by Bob Diamond, CEO and Founder of Atlas Merchant
Capital LLC and Ashish J. Thakkar, Founder of Mara Group Holdings Limited,
and listed on the main market of the London Stock Exchange in December
2013.

Atlas Mara's strategy is to create Sub-Saharan Africa's premier financial
services institution through a combination of its experience, expertise and
access to capital, liquidity and funding. The goals are to combine the
best of global institutional knowledge with extensive local insights and
experience and to support economic growth and financial inclusion in the
countries in which the Company operates.

For more information, visit the Company's website at www.atlasmara.com.

About UBN
Union Bank of Nigeria PLC commenced operations in Nigeria in 1917. It
became a public company limited by shares in 1970 with its shares quoted on
the Nigerian Stock Exchange.

UBN is a retail and commercial bank with its headquarters located in the
central business district of Lagos, Nigeria. UBN has subsidiaries and
affiliate companies in Nigeria and across West Africa, providing a range of
financial services and products through the following major business
segments: Retail & Corporate Banking, Mortgage and Real Estate Services,
Insurance, Pension, Stock Brokerage and Asset Management Services.

About AMCON
AMCON was established on the 19th July 2010, when the President of the
Federal Republic of Nigeria signed the AMCON Act into Law. AMCON was
created to assist in reviving the financial system by efficiently resolving
the non-performing loan assets of the banks in the Nigerian economy.



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19.12.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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