Lagos - In line with Central Bank’s directive that banks divest their core banking businesses from other subsidiaries, Union Bank of Nigeria has agreed to sell its non-banking subsidiaries by the end of February, 2015.
ThisDay reports that the divestment will see the sale of about nine units of the bank. The affected subsidiaries include property, share, insurance, registry and trustee businesses.
Emeka Emuwa, Managing Director/Chief Executive Officer of the bank, said the restructuring will enable the bank focus more on core banking and do more in its area of competitive advantage.
He noted that the bank is not contemplating raising additional capital from the Nigerian Stock market as it has the capital to fund its restructuring and expansion programmes.
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