Trending: Titan Trust Bank acquires Union Bank

Titan Trust Bank Limited (TTB), one of the fastest-growing and customer-centric financial service providers in Nigeria, has acquired Union Bank of Nigeria Plc.

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 Titan Trust Bank.

The board of Union Bank of Nigeria Plc in a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission on Thursday, explained that the agreement, which isย  subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 percent of Union Bankโ€™s issued share capital to Titan Trust Bank.

Commenting on the transaction, the Chairman, Union Bank, Mrs. Beatrice Hamza Bassey said: โ€œOn 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.

โ€œWeย  areย  gratefulย  toย  ourย  currentย  investorsย  whoseย  significantย  andย  consequential investments over the past nine years facilitated the transformation of Union Bank, one of Nigeriaโ€™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 consistentย  year on year profitability.

โ€œThis is a solid foundation for our incoming investors to build on as we move into a new era for the bank.โ€

According to the chairman, Titan Trust Bank, Mr. Tunde Lemo, OFR: โ€œThe Board of Titan Trust Bank and our 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.

โ€œThe deal represents a unique opportunity to combine Union Bankโ€™s longstanding and leading banking franchise with TTBโ€™s innovation-led model which promises to enhance the product and service offering for our combined valued customers.โ€ He said.

Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo noted: โ€œThis 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.

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