Titan Trust Bank Limited has acquired 89.39% of the issued share capital of Union Bank of Nigeria Plc.
The Board of Directors of Union Bank on Thursday announced that it has received a notification from Union Global Partners Ltd (UGPL), the holder of majority shareholding in Union Bank, of the execution of a Share Sale and Purchase Agreement between UGPL, certain other existing shareholders of Union Bank (as Sellers) and Titan Trust Bank Limited (as Purchaser) for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the Sellers, to the Purchaser.
The bank in a notice to the Nigerian Exchange Group stated that the completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent.
Titan Trust Bank, a new national commercial bank in Nigeria, commenced operations in October 2019 with a strong capital base and has demonstrated precision in execution of its strategy by showing tremendous growth, even in difficult times.
Titan Trust Bank has received industry-wide recognition, having been named ‘Best Trade Finance Provider in Nigeria’ for 2022 by Global Finance (for the second year running) and ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand’ for 2021 by the Global Brand.
Speaking on the on the transaction, Chairman of 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.”
Also, Chairman of Titan Trust Bank, Mr. Tunde Lemo, a former Deputy Governor of CBN and onetime Manging Director of Wema Bank, said: “The 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.
“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.”
On his part, Chief Executive Officer of Union Bank, Mr. Emeka Okonkwo, said about the transaction: “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.”
For Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray, he 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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