United Bank for Africa Plc Announces Shareholders' Approval of Restructuring and Spin-Offs-All Africa

All Africa reported that United Bank for Africa Plc announced that its shareholders have approved the internal restructuring and reorganization of the capital of the Bank and its members in compliance with the Central Bank of Nigeria (CBN)'s Regulation on the Scope of Banking Activities and Ancillary Matters, which repealed the universal banking model under which Nigerian banks hitherto operated. In compliance with the new regulations, shareholders of the Bank convened at a 'Court Ordered Meeting' and unanimously approved the adoption of a commercial banking structure by divesting all non-commercial banking businesses of the Group which are to be held separately from United Bank for Africa Plc by the Bank's shareholders. The Bank also announced that, under the new arrangement, the divested non-commercial banking businesses (except Africa Prudential Registrars and Afriland Properties that will be held directly by shareholders) will be consolidated within UBA Capital Plc, which is one of the Bank's subsidiaries. Besides United Bank for Africa Plc, the restructuring will therefore result in the emergence of four separate standalone companies namely, UBA Plc, UBA Capital Plc, African Prudential Registrars Plc and African Properties Plc.