Rating Release

Agusto & Co. affirms the ‘A-’ rating assigned to Union Bank of Nigeria Plc., with a stable outlook.

 The rating expires on 30 June 2023.

Agusto & Co. affirms the “A-“ rating assigned to Union Bank of Nigeria Plc (‘UBN’ or ‘Union Bank’ or ‘the Bank’). The rating assigned reflects adequate capitalisation levels, a good domestic brand franchise, a good liquidity profile and a commendable refinancing capacity. We have also considered the potential impact of the planned integration of operations with Titan Trust Bank Limited (TTB) in the assigned rating. The rating is however constrained by the lower profitability, obligor concentration and the prevailing regulatory and macroeconomic headwinds.