Union Global Partners, a consortium of Nigerian and international investors, has invested US$500 million in Union Bank of Nigeria for 65 percent of the bank’s outstanding common shares. Union Global Partners was formed to recapitalize the bank and is comprised of six core investors: private equity firms African Capital Alliance, Corsair Capital and Standard Chartered Private Equity, Dutch development finance institution FMO, pan-African banking group African Development Corporation and business group Richard Chandler Corporation. The consortium plans to invest in Union Bank of Nigeria’s infrastructure, operations and people.