Atlas Mara Limited is said to be looking at options for its stake in Union Bank of Nigeria PLC after receiving takeover interest for one of its last remaining assets, according to people with knowledge of the matter.
Bloomberg reports that the initial approaches for its 49.97% holding in Union bank came from local lenders looking to expand in Nigeria, the people said, asking not to be identified as deliberations are private. The firm is working with Rothschild & Co. and no final decision has been made on a potential sale or any other alternatives, they said.
Representatives for Atlas Mara and Rothschild declined to comment.
The London-listed banking group, co-founded by former Barclays Plc Chief Executive Officer Bob Diamond, is scaling down after an expansion that saw Atlas Mara misjudge competition in Africa and overpay for acquisitions. UBN’s market value of $418 million is more than seven times that of Atlas Mara.