ASO Savings & Loans PLC (NGSE:ASOSAVINGS) entered into a memorandum of understanding to acquire stake in Union Homes Savings and Loans Plc (NGSE:UNHOMES) from Union Bank of Nigeria Plc (NGSE:UBN) in October 2013. ASO Savings & Loans was the preferred bidder. The Board of ASO has also approved the bank to implement a transaction implementation agreement amongst ASO, Union Homes Savings and Loans and UBN Plc.

The transaction implementation agreement was executed and submitted to Central Bank Nigeria (CBN) on December 31, 2013. Subsequent to the execution of transaction implementation agreement the CBN has issued a ‘No Objection Letter' permitting ASO to proceed with the transaction. ASO Savings & Loans will sign share purchase agreement with Union Bank of Nigeria.

The deal is expected to close by the first quarter of 2015.