Unity Bank Sells $1.1 Billion of Bad Loans to Lure Investors
LAGOS (Capital Markets in Africa) – Unity Bank Plc sold 400 billion naira ($1.1 billion) of bad loans to clean up its balance sheet as it seeks to conclude talks for a cash injection aimed at stabilizing the Nigerian lender. The disposal to Frontier Capital Alternative Asset Ltd. of the toxic assets cut the ratio of non-performing loans to near zero from almost 50 percent and helped to shore up Unity Bank’s liquidity, Chief Financial Officer Ebenezer…
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