UBA to raise fresh capital through sale of 10.8 billion ordinary shares
- UBA plans to raise fresh capital by selling 10.8 billion new ordinary shares.
- The bank will prioritize existing investors in the planned share sale.
- UBA's total assets grew by 5% year-to-date to N974.47 billion in March 2024.
The planned share sale by UBA is a strategic move to raise fresh capital and strengthen the bank's financial position. The prioritization of existing investors demonstrates the bank's commitment to maintaining shareholder value. The growth in total assets reflects UBA's positive performance in the market. The expected mergers and acquisitions in the Nigerian banking sector indicate a potential consolidation and increased competitiveness.
