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| Odah |
Chuks
Udo Okonta
New investors
of Union Assurance Limited will soon be unveiled having successfully secured
the 93 per cent stake of Union Bank Plc in accordance to the Central Bank of
Nigeria (CBN) directives on universal banking.
The Managing
Director of the underwriting firm Godwin Odah, disclosed this yesterday at a forum organised
by the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos. He
noted that the bank is on the final stage of complying with the CBN
requirement.
He
said: “Following the CBN directives on universal banking, I am pleased to
inform our distinguished brokers that Union Bank is in the final stage of
complying with this CBN requirement by divesting its 93 per cent
shareholding in Union Assurance. As soon
as the formal regulatory approvals are secured, we shall be glad to unveil the
new owners of the company to our stakeholders including the broking community.”
He
noted that years 2014 and 2015 promises to produce interesting
and exciting performance for the company as it transits through these phases.
He
said the company is determined to build and deepen its relationship with brokers,
as it is currently working on some initiatives that will transform the way it
does business with brokers, helping them to sustain their businesses, stressing
that at an appropriate time this new initiative will be unveiled to the firm’s
esteemed partners.
According
to him, some of these initiatives include, helping to improve partners’ technical capabilities; business
growth support; product development and specialised market support.
He
said the firm’s income from brokers channel grew from 12 per cent in 2009 to
over 55 per cent to date, adding that the company has reduced its dependence on
revenue from the bank significantly from about 75 per cent in 2008 to 15 per
cent to date.
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