Unity Bank, Black Trituium plan equity investment deal
Unity Bank Plc has forged a strategic alliance with Black Trituium, an equity and investment fund manager, in an effort to reposition the financial institution, the company looks set to make significant equity investment in the lender.
The strategic alliance will particularly, seek to expand the bank’s business model, boosts capital base and raise its retail strategy, while meeting the investment objectives of Black Trituium.
Black Trituium is known for managing funds for individuals and institutions, including trade associations, like the Trade Union Congress of Nigeria.
Already market sentiments have swung in favour of the planned alliance as it appears a unique opportunity for the bank to broaden its customer base, investor constituent and stakeholder value on a sustainable basis.
Besides, given the current economic outlook and banking industry challenges, “this strategic alliance is a proactive response that guarantees value in investment, with immediate benefits, to enhance the capacity of the lender, as well as meet the needs of the banking public,” a source close to the deal confided in The Guardian.
The source also said that the alliance is also aligned with government’s initiatives towards driving growth in the real sector through Small and Medium Enterprises and retail products, with particular focus on agriculture sector.
Coincidentally, TUC said it has concluded plans to unveil an economic development plan worth $1 billion, which would include strategic investments into different sectors of the economy and loans for members.
TUC President, Comrade Bobboi Bala Kaigama, at the 10th triennial national delegates conference in Abuja, said by such move, the body and its members can take advantage of existing investment opportunities in lucrative areas such as financial services, power, housing, agriculture, oil and gas, infrastructure among others.
“For far too long, we have left our future in the hands of others. This trend must stop. TUC leadership has worked with seasoned investors and globally respected consultants to develop a TUC Economic Development Plan. When the plan is fully implemented, the TUC will become an economic force to reckon with.
“TUC has set up a $1 Billion TUC Economic Development Fund as a vehicle to actualize the TUC Economic Development Plan. This fund will be used to make strategic investments into the different sectors of the economy,” he said.