Banking giant, Union Bank of Nigeria PLC has announced the acquisition of its majority shares by Titan Trust Bank Limited, one of Nigeria’s fastest-growing and customer-centric financial service providers.
Union Global Partners Limited, Atlas Mara Limited, and other majority shareholders agreed to sell their 88.39 percent stake in Union Bank to Titan Trust Bank in an announcement on Sunday, December 26.
In a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission, the board of Union Bank of Nigeria Plc explained that the agreement, which is subject to regulatory approvals and other financial conditions, will transfer 89.39 percent of Union Bank’s issued share capital to Titan Trust Bank upon completion.
“On behalf of the Board, we congratulate all parties involved in reaching this level of the transaction, and the Board looks forward to supporting the next stages to guarantee a seamless completion of the process after regulatory approvals,” Union Bank Chairman Mrs. Beatrice Hamza Bassey stated.
“The Board of Titan Trust Bank and its key stakeholders are happy as this transaction marks a critical step for Titan Trust in its strategic growth journey and takes the institution to the next level in the Nigerian banking sector,” said Mr. Tunde Lemo, OFR, chairman of Titan Trust Bank.
Mr. Emeka Okonkwo, Chief Executive Officer of Union Bank, said, “This transaction marks an important milestone in the path of our 104-year-old Bank.” We thank our present investors for their loyal support over the years, and we welcome TTB as our new main investor. We acknowledge the strategic alignment between the two organizations and anticipate that this transaction will benefit our workers, customers, and stakeholders. We’re looking forward to working together to write Union Bank’s next exciting chapter.
Mr. Mudassir Amray, Titan Trust Bank’s Chief Executive Officer, said: “After completing over two years of operations with rapid organic development, we are excited to have an opportunity to take a substantial step forward in market share.” Our coordinated modular strategy complements UBN’s widespread presence, cutting-edge technological platform, high-quality workforce, and strong brand loyalty. For the benefit of our employees, customers, shareholders, and stakeholders, we look forward to producing exceptional results.”
