Union Bank to raise $100m syndicated loan

Union Bank has engaged the services of Standard Chartered to help it secure  a $100 million syndicated term loan facility.

According to Bloomberg, the debt is expected to finance the bank's United States dollar trade finance business and general funding requirements.

Bloomberg citing  an e-mailed statement from the arranger reported that the  tenor of the facility would be three years, while repayment would be amortised after one year.

Union Bank was one of the biggest and most respected bank in Nigeria, until things took negative turn during the tenure of Bartholomew Ebong.

It was one of the banks managed by CBN appointed managers, before it was rescued by new owners. Union  Global, a consortium of foreign investors, has 65 per cent share of the bank while the Asset Management Corporation of Nigeria (AMCON) has 20.4 with the remaining 14 percent owned by others.