CEM REPORT | The United Bank for Africa Plc (“UBA” or the “Group”) on Wednesday 8th June, redeemed its $500 million 5-year Eurobond notes, with a maturity date of June 8, 2022.
According to a notice signed by the Group Company Secretary of UBA, Bili Odum and published on Nigerian Exchange, the the five-year bond was Issued in 2017, and was offered at a coupon rate of 7.75%.
As part of UBA’s liability management strategies, in November 2021, the Group repurchased $310.9 million of the notes through a cash tender offer. Upon maturity, the outstanding portion of $189.1 million and the coupon of $7.3 million were paid.
“The Group’s selective participation in international debt markets is a testament to UBA’s robust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management process.” said Kennedy Uzoka, GMD/CEO of UBA.
“Our significant customer base, diversified geographical spread and multiple decades of proven track record, continue to ensure that UBA is the preferred destination for investors, individuals, and businesses alike,” Uzoka continued.
[READ ALSO] NDIC pays N119.1bn to customers of closed banks — MD
With presence in 20 African countries, including Nigeria, as well as operations in France, the UK and being the only sub-Saharan African bank with a deposit-taking licence in the USA, UBA is a leading African financial institution providing banking and financial services to over 33 million customers across the globe.
According to 2022 CFI ranking, UBA ranks among the top ten Banks in Nigeria.
In 2021, United Bank for Africa, appeared as the country’s fourth-largest lender in the Top 1000, ranks third nationally for performance, with high scores for growth and return on risk offset by lower scores for leverage, soundness, asset quality and operational efficiency.
Founded in 1948 as the British and French Bank Limited (BFB), United Bank for Africa is one of the oldest banks in Nigeria. In 1970, it held an IPO, becoming the first Nigerian bank to list its shares on the Nigerian Stock Exchange.