UBA/STB

completed

The project consists of: - a partially convertible senior loan of up to $50 million to support the long-term lending activities of newly merged, United Bank of Africa (“UBA”), now the largest commercial bank in Nigeria in terms of total assets and; - an IFC partial guarantee (“PCG”) amounting to approximately $25 million to support a local currency denominated bond offering for UBA to support its residential mortgage lending program. The “New UBA” was formed as a result of an effective takeover of UBA by Standard Trust Bank (“STB”), the fifth largest bank in terms of assets in Nigeria. The merger which was announced in January, 2005 was approved by the regulators in July, 2005 .The merged entity now controls approximately $3 billion in assets (14% of the banking sector) and $360 million in shareholders equity. The bank also has over 400 branches spread through out Nigeria.UBA intends to use the proceeds from IFC’s term loan to: - leverage its large equity base and - to provide scarce funding to its corporate and SME clients for their capital expenditures. The $25 million PCG is expected to support up to Naira (“N”) 13 billion (approximately $100 million equivalent) issuance with a maturity of up to 10 years. The Naira proceeds of the issue are expected to be used mainly for the provision of mortgage loans to be originated by UBA.