April 6, 2017 / 2:56 PM / 4 months ago

Nigeria's Union Bank plans fund raising to boost capital adequacy

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LAGOS, April 6 (Reuters) - Nigeria's 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. ($1 = 305.20 naira) (Reporting by Chijioke Ohuocha; editing by Susan Thomas)

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