Event, Arts and Entertainment

UBA Redeems $500m Five-Year Eurobond.

UBA grows profit by 31% to N201bn

The United Bank for Af­rica (UBA) on Wednesday redeemed its debut $500 million five-year Eurobond notes with the maturity date of June 8, 2022.

Issued in 2017, the five-year bond was offered at a coupon rate of 7.75%, and raised to support the bank’s business in key sec­tors of the economy.

As part of UBA’s liability management strategies, in November 2021, the bank repurchased $310.9 million of the notes through a cash tender offer. Upon maturity of the Eurobond, the out­standing portion of $189.1 million and the coupon of $7.3 million were redeemed by the bank.

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“The development is a testament to UBA’s ro­bust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management pro­cess. This, in spite of mac­roeconomic headwinds underpinned by FX illi­quidity, double-digit infla­tion and currency devalua­tion,” said Kennedy Uzoka, GMD/CEO of UBA.

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“Our huge customer base, diversified geograph­ical spread and uncommon multiple decades of prov­en track record, continue to spotlight UBA as the preferred destination for investors, individuals and businesses alike,” Uzoka continued.

With presence in 20 Af­rican countries, including Nigeria, as well established operations in France, the United Kingdom (UK) and the only sub-Saharan Afri­can bank with a deposit-tak­ing licence in the United States of America (USA), UBA is a renowned finan­cial institution providing banking and financial ser­vices to over 33 million cus­tomers across the globe.

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