Existing shareholders of Union Bank of Nigeria (UBN) Plc stand to gain more than any of the rescued banks, according to the exchange ratios and other details of the schemes of arrangement of the four quoted rescued banks.

Under the scheme of arrangement, existing Union Bank’s shareholders would receive three new shares for every 16 shares held and would subsequently be offered additional rights of about 1.5 billion shares, which altogether would push their total shareholdings to 21.5 per cent in the fully recapitalised Union Bank.

With the shareholders’ assent, Union Bank would receive about N76 billion ($500 million) equity capital and N30 billion ($200 million) Tier 2 capital from new core investors to retain its nearly century-old brand and regain its competitive verve as one of the strongest and reliable banks in Nigeria.

Besides the attraction and the built-in-value in retaining the brand, analysis of the exchange ratios shows that Union Bank’s shareholders would hold the highest percentage shareholding more than  shareholders of other rescued banks in the post-scheme entity.

Ecobank Transnational Incorporated (ETI), the pan-African bank-holding company and parent company of Ecobank Nigeria Plc, is offering one ETI share for 20 shares of Oceanic Bank. With estimated value of N55 billion, ETI will fully take over Oceanic Bank and thereafter merge it with Ecobank Nigeria.

Under the scheme of acquisition between Access Bank and Intercontinental Bank, Access Bank would pay N53 billion to acquire 75 per cent stake in pre-merger Intercontinental Bank, reducing existing shareholders’ stake to 10 per cent while Asset Management Corporation of Nigeria (AMCON) would hold the remaining 15 per cent.

However, in the post-merger entity, percentage shareholding of existing shareholders of Intercontinental Bank would reduce to five per cent.

First City Monument Bank (FCMB) is offering one share for every 60 shares of Finbank Plc in a deal that seeks 100 per cent takeover of Finbank for N6 billion.