May 14, 2014 / 4:17 PM / 4 years ago

UPDATE 1-Nigeria's Union Bank to seek approval to raise $750 mln debt

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LAGOS, May 14 (Reuters) - Nigeria’s Union Bank said on Wednesday it will seek shareholders’ approval in June to raise up to $750 million in a medium-term debt instrument to fund big ticket lending to the oil, power and telecom sectors.

Union Bank has been transforming its image after new investors recapitalised the lender three years ago following a central bank rescue of the institution in 2009.

“Union Bank has ramped up lending to key sectors ... which requires large foreign currency funding,” the lender said in a statement.

It said Union Bank was not looking to raise equity.

Reporting by Chijioke Ohuocha; editing by Oludare Mayowa and Jason Neely

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