Bloomberg News

United Bank Gains First Time in 3 Days on Restructuring Approval

December 30, 2011

Dec. 30 (Bloomberg) -- United Bank for Africa Plc, a Nigerian lender with operations in 19 African countries, gained the first day in three after Punch newspaper reported shareholders approved a plan to become a financial services holding company.

The stock gained 12 kobo, or 4.9 percent, to 2.59 naira at 12:06 p.m. in Lagos, paring the yearly decline to 65 percent.

Under the new structure, UBA will remain listed on the Nigerian Stock Exchange, while existing shareholders would cede 60 percent of their holding in United Bank for Africa Plc for 100 percent ownership of UBA Holdings Plc, the Lagos-based newspaper said.

--Editors: Linda Shen, Chris Peterson

-0- Dec/30/2011 11:15 GMT

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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