By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Unity Bank Plc Friday announced it is ready to sell its 50.30 percent (50.30%) stake in UnityKapital Assurance Plc.

UnityKapital in a notice to the Nigerian Stock Exchange (NSE) and made available to InvestAdvocate in Lagos Nigeria said Unity Bank as a major shareholder is set to divest its holdings in UnityKapital.

’’The divestment of the holdings of the Bank is in compliance with the directive of the Central Bank of Nigeria (CBN) that all banks in Nigeria should divest from non-banking subsidiaries or adopt a holding company structure in the new licensing regime,’’ the notice said.

According to the notice, Unity Bank has appointed Capital Assets Limited as Financial Advisers in the divestment of the holdings of the Bank in UnityKapital Assurance. A “Request for Expression of Interest (EOI)” for the sale of the 50.30% equity stake in UnityKapital Assurance Plc by Unity Bank Plc has been prepared for publication by Capital Assets Limited,’’the notice said.