BREAKING: Titan Trust Bank Takes Over Union Bank After Acquisition Of Majority Shares

Titan Trust Bank ‬Limited (TTB) ‭has become the majority shareholder in Union Bank of Nigeria Plc.

Union Bank of Nigeria was established in 1917 and listed on the Nigerian Stock Exchange in 1971.

Titan Trust Bank Limited is one of Nigeria’s newest commercial banks, which commenced operations in October 2019.

The Bank is buying 89.39 per cent of the issued capital of Union Bank, both companies announced Thursday.

This followed an agreement by ‭Union Global Partners Limited, ‬Atlas Mara Limited ‭and other majority shareholders to‬ divest 88.39 per cent shareholding in Union Bank ‭to‬ TTB.

The ‭‭Board ‭of‬ Union Bank ‭of‬ Nigeria ‭Plc‬ in a notification to the ‬‬Nigerian Exchange Limited (NG‭X) ‭and‬ the Securities Exchange Commission explained that the‬ agreemen‭t,‬ which ‭is‬ subject ‭to‬ regulatory approvals ‭and‬ other financial conditions.

Commenting ‭on‬ the transaction, the Chairman, Union Bank, Mrs. Beatrice Hamza Bassey said‭, “‭On‭ behalf ‭of‭ the Board, ‭we‭ congratulate all the parties involved ‭in‭ reaching this phase ‬‬‬‬‬‬‬‬of‭ the transaction ‬and‭ the Board looks forward ‭to‭ supporting the next steps ‭to‬ ensure ‬‬‬a seamless completion ‭of‬ the process following regulatory approvals.

“We‭ ‭ ‬are ‭ ‬grateful ‭ to‭ ‭ ‬our ‭ ‬current ‭ ‬investors ‭ ‬whose ‭ ‬significant ‭ ‬and ‭ ‬consequential ‬‬‬investments over the past nine years facilitated the transformation ‭of‬ Union Bank, ‭one‭ ‬‬of‭ ‭Nigeria’s‬ oldest ‬and‭ storied institutions.

“Today, the bank ‭is‬ well-positioned with ‭an‬ ‬innovative product offering, a growing customer base ‭of‭ over six million ‭and‭ consistent ‬‬‬‬ year ‭on‬ year profitability.

This ‭is‬ a solid foundation for ‭our‬ incoming investors ‭to‬ build on‭ ‬as‭ ‭we‬ move into a new era for the bank.‭”‭ ‬‬‬

The chairperson of Titan Trust Bank, Tunde Lemo, said the Board of Titan Trust Bank and it’s key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector.

Lemo, former Deputy Governor of the Central Bank of Nigeria said, “The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.”

The Chief Executive Officer of Union Bank, Emeka Okonkwo, said: “This transaction marks a significant milestone in the journey of our 104-year old Bank. Whilst thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new core investor, TTB.

“We recognize the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.”

Also the Chief Executive Officer of Titan Trust Bank, Mudassir Amray, said: “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share.

” UBN’s widespread presence, state of the art technology platform, quality staff and strong brand loyalty fits well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”

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2 Comments
  1. Sani Saleh says

    Does this mean union bank will be changed ie change to titan, and what’s the position of customers?

  2. Uche Thomas says

    We don’t understand what this move mean, what about union Bank customer, we are not informed, hope this would not affect our account