Saudi businessman buys 14% of Nigeria United Bank

Saudi Arabia's Prince al-Walid bin Talal purchased 14% of the shares of Nigeria's United Bank for the Saudi holding company, whose board of directors is headed by Prince Walid.

A press statement issued yesterday by the Saudi holding company said this bank was chosen after an economic feasibility study found that Africa is one of the promising markets in the world.

The prince's shares are considered the largest among the current foreign investors in the bank, as their participation accounts for 45% of the bank's capital.