AfDB lends Nigeria’s United Bank for Africa, USD 150mn

By bne IntelliNews December 18, 2009
The AfDB will lend Nigerias UnitedBank for Africa (UBA) USD 150mn, its biggest loan to date to an Africanprivate-sector institution, Reuters reported, to keep corporate customer creditflowing after the global downturn restricted cash flow. The deal recognisesUBAs ability to support private and public enterprises across the continent,Deputy Managing Director, Faith Tuedor-Matthews, said. UBA, one of Nigerias biggest banks by assets, also operatesin Kenya,has a presence in 10 other African countries and did not receive cash in thecentral-bank bailout. Analysts say the UBA balance sheet is healthy and itcould feature in post-crisis banking-sector consolidation. Government isintending to create an asset management company to absorb some of the bankingsystems bad loans.

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