CDB in talks for stake in Nigerian lender

China Development Bank (CDB) is negotiating for a US$5 billion minority stake in Nigeria’s United Bank for Africa (UBA), West Africa’s largest financial services institution, the South China Morning Post reported, citing state media. A source close to the matter said the talks are focusing on the post-investment management structure and CDB’s possible restructuring of UBA’s operations to lower loan risks, though no agreements have yet been reached. CDB is the operator of China’s US$5 billion China-Africa Development Fund, which provides loans to mainland firms investing in Africa.