Nigerias UBA bank plans acquisition of key banks across Africa.

By bne IntelliNews February 22, 2012
United Bank for Africa (UBA), the third biggest bank in Nigeria, plans to acquire key banks across different sub-regions in Africa in the next few months, The Punch reported. As soon as the market improves, we would continue with our plans to raise equity for strategic investments across different sub-regions in Africa. Our plan is to go to each sub-region and acquire the top bank in such regions to boost our holdings, UBAs CEO Philip Oduoza was quoted as saying. UBA sold NGN 100bn (EUR ) of non-performing loans to the Assets Management Corporation of Nigeria (AMCON) last year in a bid to clear its balance sheet and prepare for future growth. The write-off of bad debts will result in a full-year loss for 2011, but the bank is expected to recover already in the first quarter of 2012, with a projected pre-tax profit of NGN 15.1bn, up 200% y/y, and a net profit of NGN 12.1bn. The gross earnings are seen at NGN 59bn. UBA, incorporated in Nigeria in 1961 and headquartered in Lagos, is one of Africas leading financial institutions offering universal banking to more than 7 million customers across 750 branches in 19 African countries and a presence in New York, London and Paris.

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