By Peter Egwuatu
Shareholders of United Bank for Africa (UBA) Plc, yesterday, endorsed the proposed restructuring of the bank into a financial services holding company.

The shareholders unanimously approved the plan for the group to operate the new structure, where a non-operating company to be listed and known as UBA Holdings Plc, will become the parent company of three intermediate holding companies, namely; United Bank for Africa Plc, UBA Africa Holdings Limited and UBA Capital Holdings Limited.

The shareholders at the court ordered meeting approved all the resolutions proposed at the meeting.

Some of the resolutions approved by the shareholders include that the capital of the bank be reorganised by: “the reduction of the issued share capital from N16,167,346,846 to N6,466,938,738 by the cancellation of 19,400,816,215 issued and fully paid ordinary shares representing 60 per cent of the share capital of the bank and upon such reduction and cancellation, the share capital shall be increased from N6,466,938,738 to 16,167,346,846 by the creation of 19,400,816,215 ordinary shares of 50 kobo each (New shares).