ATLAS Mara Limited Atlas Mara, OPIC, UBN partner on $200M for Nigeria (2023O)
01 October 2019 - 12:23AM
UK Regulatory
TIDMATMA
RNS Number : 2023O
ATLAS Mara Limited
30 September 2019
September 30, 2019
Atlas Mara, OPIC and UBN partner to fund $200 million for
inclusive lending in Nigeria
Atlas Mara Limited ("Atlas Mara" or the "Company" and including
its subsidiaries, the "Group"), the sub-Saharan Africa financial
services group, is pleased to announce that Overseas Private
Investment Corporation ("OPIC"), the U.S. government's development
finance institution, has entered into an agreement to provide $200
million in financing for Union Bank of Nigeria ("UBN") to support
inclusive lending across Nigeria.
Under the terms of the agreement, UBN will receive a ten-year
term loan of up to $200 million from OPIC for investments in
digitization, on-lending to Small and Medium Enterprises ("SMEs")
and funding for women-led, women-owned and women-supporting
businesses, as part of OPIC's 2X Women's initiative which aims to
catalyze investment in women across developing nations.
Commenting on the signing of the agreement, Michael Wilkerson,
Executive Chairman of Atlas Mara said: "This funding marks another
milestone in OPIC's ongoing partnership with Atlas Mara in Africa,
and the recognition of UBN as a premier Nigerian financial
institution poised for accelerated growth. We are grateful for
OPIC's strong commitment to lending in key segments that are
critical for economic growth, job creation and women's empowerment
in Nigeria, our largest and most important market. We are excited
about the value this funding brings to UBN, its customers and their
communities, and ultimately to its shareholders including Atlas
Mara, as UBN continues to grow its well-established banking
presence in Nigeria."
David Bohigian, Acting President and CEO of OPIC said: "OPIC is
pleased to partner with Atlas Mara and UBN to drive inclusive
lending that will benefit entrepreneurs and women - especially
underbanked and unbanked individuals and businesses - while
fostering economic development across Nigeria."
Emeka Emuwa, CEO of UBN also added: "We welcome this opportunity
to partner with OPIC and are well-positioned in Nigeria to further
advance lending to key segments of the population, especially SMEs.
The 10-year tenor of the OPIC facility provides flexibility to
maximize impact across key sectors of the Nigerian economy as we
continue to advance proven initiatives including those focused on
women's banking and digitization of the bank's offerings as UBN
leads banking into the future in Nigeria."
Contact Details:
Investors
Kojo Dufu, +1 212 883 4330
OPIC
Media Relations,
Laura Allen 202-357-3976
Union Bank
Ogochukwu Ekezie-Ekaidem, +234 (1) 2716800 ext 2953
Media
Anthony Silverman, +44 (0)7818 036 579
About Atlas Mara
Atlas Mara Limited (LON: ATMA) is a financial services
institution founded by Bob Diamond and listed on the London Stock
Exchange. With a presence in seven sub-Saharan countries, Atlas
Mara aims to be a positive disruptive force in the markets in which
we operate by leveraging technology to provide innovative and
differentiated product offerings, deliver excellent customer
service and accelerate financial inclusion. For more information,
visit www.atlasmara.com.
About OPIC
The Overseas Private Investment Corporation (OPIC) is a
self-sustaining U.S. Government agency that helps American
businesses invest in emerging markets. Established in 1971, OPIC
provides businesses with the tools to manage the risks associated
with foreign direct investment, fosters economic development in
emerging market countries, and advances U.S. foreign policy and
national security priorities. OPIC helps American businesses gain
footholds in new markets, catalyzes new revenues and contributes to
jobs and growth opportunities both at home and abroad. OPIC
fulfills its mission by providing businesses with financing,
political risk insurance, and advocacy and by partnering with
private equity fund managers.
OPIC services are available to new and expanding businesses
planning to invest in more than 160 countries worldwide. Because
OPIC charges market-based fees for its products, it operates on a
self-sustaining basis at no net cost to taxpayers. All OPIC
projects must adhere to best international practices and cannot
cause job loss in the United States.
Learn more at www.opic.gov
About UBN
Established in 1917 and listed on the Nigerian Stock Exchange in
1971, Union Bank is a household name and one of Nigeria's
long-standing and most respected financial institutions. The Bank
has a network of over 300 Sales and Service Centers across
Nigeria.
Following recapitalization in 2012 from new investors and the
appointment of a new Executive Management team, Union Bank has
undergone an award winning transformation to re-establish the Bank
as a leading provider of financial services in Nigeria.
Union Bank is focused on Retail, Commercial and Corporate
Banking. In addition to standard current and savings product
portfolio, Union Bank has launched pioneering products into the
Nigerian retail market including UnionKorrect, UnionGoal and
UnionBetta.
For more information, visit www.unionbankng.com
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END
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