Union Bank Sees Recapitalisation As Challenge

The Union Bank Plc yesterday said the major challenges it faced in the first half of 2011 was the issue of re-capitalisation.

Mr Francis Barde, Head of Corporate Affairs of the bank, told newsmen in Lagos that the bank’s re-capitalisation process would be concluded before the September deadline.

Reports say that the Central Bank of Nigeria (CBN) had set September as the deadline for the eight rescued banks, including the bank, to complete their recapitalisation exercise.

Barde said that all other issues were secondary for the bank now until it completed the recapitalisation process.

“Once the Union Bank is able to recapitalise, it will be on course for the future challenges,” he said.

He said that the bank could not afford to lose focus and would survive all the challenges. Barde said that the bank was determined to improve in the areas of growth and increase its visibility in the market place, especially in the light of the recent challenges.