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In another move to bring relief to the depositors of failed banks in Nigeria, United Bank for Africa (UBA) Plc, has announced the acquisition of Liberty Bank Plc (in liquidation), thus bringing to six the number of failed banks acquired by the financial giant in about 12 months.
In another move to bring relief to the depositors of failed banks in Nigeria, United Bank for Africa (UBA) Plc, has announced the acquisition of Liberty Bank Plc (in liquidation), thus bringing to six the number of failed banks acquired by the financial giant in about 12 months.
UBA won the bid to acquire the bank under the Purchase and Assumption (CP & A) arrangement of the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC).
UBA had already acquired five other failed banks namely City Express Bank, Gulf Bank, Trade Bank, Afex Bank and Metropolitan Bank. All the six banks have now joined Africa's global bank as a member of the UBA family of over 700 business offices, over 1000 ATMs and a vast range of innovative financial solutions.
'This acquisition inches us closer towards the actualization of our vision of leading the financial services sector across the continent," said Victor Osadolor, Executive Director/Group Financial Officer, UBA Plc. In line with the Purchase and Assumption scheme, UBA has acquired the physical assets, including all the 17 branches of Liberty Bank, and also assumed the private sector deposit liabilities of the bank.
A statement said that though the acquisition of banks under the P & A is a commercial decision, it also serves UBA's contribution towards bringing relief to the depositors of the banks in liquidation after a long and anxious wait.
Accordingly, from June 23, 2008, UBA will commence the verification and assumption of all the private sector depositors as at the date of Liberty Bank's closure. Creditors (including trade and contingent liabilities, etc) and debtors of the bank shall continue to liaise with the Nigerian Deposit Insurance Corporation (NDIC) for the settlement of their claims and repayment of their debts.
United Bank for Africa (UBA) Plc is West Africa's largest financial services group with assets in excess of $14 billion.