Unity Bank collaborates with fund manager to boost capital
As part of a strategic alliance move to expand its business scope and strengthen its capital base, Unity Bank Plc has formed an alliance with Black Trituium, an equity and investment fund manager, in an effort to reposition the Bank.
Daily Times gathered that Black Trituium is poised to make significant equity investment, which is targeted at supporting the bank’s retail strategy whilst meeting the investment objectives of the fund managers.
The Black Trituium is an Equity and Investment fund manager, managing funds for individuals and institutions such as Trade Union Congress of Nigeria (TUC).
The TUC has said it will acquire 57 percent stake of the lender and becomes the majority shareholder very soon.
President of the congress, Comrade Bala Kaigama, gave this hint recently while speaking at the 10th Triennial National Delegates Conference of TUC.
The TUC Boss said the acquisition was one of the congress efforts to re position the congress from being spectators to investors and guarantee the welfare of its members.
According to Kaigama, “Through the TUC economy, we are on the verge of acquiring major shareholding in Unity Bank Plc. We have a Memorandum of Understanding (MoU) with the management and the process is on.
We will tag it as Nigerian workers’ bank and will let Nigerians know that we have a bank in place.
To build a better Nigeria, we, in TUC, shall move from just being spectators in the Nigerian economy to becoming investors in the Nigerian economy.
The collaboration with Unity Bank is expected to expand the retail and SME platform of the Bank.
However, investment analysts see this as a unique opportunity that has the potential to broaden the Bank’s customer base and provide long term stakeholder value.
Furthermore, given the current economic outlook, this strategic alliance is a proactive response that is a value investment with immediate benefits that will enhance the capacity of the Bank to meet the needs of its banking public.
The alliance will support government initiatives aimed at driving growth in the real sector through SME and retail products, with particular focus on the Agricultural sector, among many others.
