UBA acquires Liberty Bank

by Richard Kilner

Story link: UBA acquires Liberty Bank

On Friday United Bank for Africa (UBA) announced it had acquired Liberty Bank (in liquidation).

Liberty Bank is the sixth failed firm taken over by the UBA, West Africa’s largest bank, in the course of the last year.

The other five banks are: City Express Bank, Gulf Bank, Trade Bank, Afex bank and Metropolitan bank.

Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) have established a Purchase and Assumption agreement, with the UBA submitting the winning bid.

Victor Osadolor, executive director and group financial officer, has stated that the latest acquisition of the UBA marks another step in its quest to become the predominant financial institution in the whole of Africa.

The 17 branches of Liberty Bank are now the UBA’s, as is its deposit liabilities, and on the 23rd of this month all the private sector depositors of Liberty will be verified and assumed.