Union Bank plans to raise funds this year to boost its capital adequacy and tap opportunities to lend to agri-business focused on the domestic economy, its chief executive said on Thursday.
Emeka Enuwa said after the capital raise it was targeting a capital adequacy ratio above 18 percent, he told an analysts call.
He said the bank had exposure of 3.9 billion naira ($12.8 mln) to Etisalat Nigeria, the local arm of Abu Dhabi-listed telecoms firm Etisalat which has been discussing with 13 local lenders about renegotiating the terms of a $1.2 billion loan.