Bob Diamond, co-founder and director of Atlas Mara, said: "This is a very significant acquisition for Atlas Mara. With it, we will have a significant stake in a key Nigerian bank and we will also have established strategic market positions in three of Africa's leading economic communities: the Southern Africa Development Community, the East Africa Community and Economic Community of West African States."
Ashish Thakkar, Mr Diamond’s co-founder of the company, said: "By increasing our stake in UBN, combined with the completed acquisitions of BancABC and ADC and our pending acquisition of the commercial banking operations of BRD, we are well on the way to becoming a leading African financial institution that will benefit from, and contribute to, the continued growth of rapidly expanding sub-Saharan Africa."
Atlas Mara announced earlier this week that it had extended its option to buy a stake in "an African financial institution".
The group recently acquired majority stakes in the pan-African financial services provider BancABC and the German listed African Development Corporation.
The $270m it has paid for the new stake in Union Bank of Nigeria represents its biggest single investment to date, however.
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