UBA announces listing of new shares on the NSE

31 October 2007

United Bank for Africa (“UBA”) Plc is pleased to announce the listing of 2,709,851,409 ordinary shares at the Nigerian Stock Exchange (“NSE”) on October 31, 2007. The new listing which will commence trading on 1 November 2007 is made up of:

The shares are the outcome of a highly successful Public Offer and Rights Issue undertaken by the bank in April 2007.  The offers were over-subscribed by approximately 100% by local and international investors and the bank accepted applications for a total of 1,287,965,107 shares under a supplementary allotment. 

UBA, Nigeria’s largest bank by balance sheet size and branch network, now has a total of 11,496,779,980 shares and a market capitalisation in excess of N586.3billion (approximately US$4.8 billion), making it by far the largest quoted company in the country!

The newly listed shares are eligible for dividends from the bank’s results for the year ended 30 September 2007.  

United Bank for Africa Plc; managed by a dynamic team of change-drivers led by its Group Managing Director/CEO, Mr. Tony Elumelu, has maintained a solid track record of financial performance that is validated by current ratings of AI+ by Fitch an A1+ short term, AA+ long term by GCR. It operates in multi-jurisdictions with presence in Nigeria, Ghana, Cayman Islands, United States of America and provides services to over 6 million active customers through an expansive network of over 630 branches; the largest branch network in sub-Saharan Africa.

Widely acclaimed as Nigeria’s financial solutions powerhouse, UBA has become a one-stop-shop for financial products and services with subsidiaries playing leadership roles in their various sub-sectors such as Insurance, Investment Banking & Capital Markets, Pensions Custodian and Asset Management. Leveraging on its dominance of the Nigerian Banking landscape and its presence in Ghana where it boasts 8 offices, UBA is embarking on a regional expansion drive into French and English speaking countries of West and Central Africa hence the appellation ‘Africa’s Emerging Global Bank’.  

The strategic investment inflows from some key global finance institutions will provide the impetus for the bank’s growth plans. UBA recently became the first private sector organization in Africa to benefit from a direct equity investment of $50m from the African Development Bank. The equity investment followed the International Finance Corporation (IFC), $50million convertible loan and another $300million investment from a group of investors of which JP Morgan/Rencap acted as financial advisers during the capital raising exercise in the first quarter of the year.
 
Corporate social responsibility is a key part of the bank’s operations. UBA has become the first Nigerian bank to create a foundation that takes care of the business of giving back to the society. Its social responsibility harness; UBA Foundation, is impacting on the lives of Nigerians in 3 key areas; Education, Economic Empowerment and the Environment.

KEY INVESTOR CONTACT
If you have any queries in relation to this matter, please address them to:
David Ellis
Head, Investor Relations
United Bank for Africa Plc
D:+44 20 7766 4626
F: +44 20 7766 4601
E: david.ellis@ubagroup.com