Titan Trust completes acquisition of Union Bank as CEO, directors resign

Union Bank Plc has announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank.

The bank made this known via a statement on Thursday.

Union Bank also announced the resignation and subsequent retirement of directors from its board.

It stated: “Following the bank’s notification in December 2021 of the execution of a share sale and purchase agreement between Union Bank of Nigeria majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited, and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the Nigerian Exchange Limited, Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Bank’s issued share capital to TTB.”

Union Bank added that TGI Group, parent of TTB, had become the majority shareholder and core investor in Union Bank, following the completion of the transaction.

It stated: “Union Bank hereby notifies the NGX of the completion of the divestment of the bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (“UBUK”), to all the shareholders on the company’s records as of 4th March 2022, pro rata to their existing shareholding interests in the company.

“Consequently, UBUK is not included in the transaction with Titan Trust Bank.”

The directors that resigned were the Chair/Non-Executive Director, Mrs Beatrice Bassey, and the Chief Executive Officer, Mr Emeka Okonkwo.

Other included Independent Non-Executive Director, Mrs Obafunke Alade-Adeyefa; Non-Executive Director, Mr Richard Burrett; Non-Executive Director, Mr Ian Clyne; Non-Executive Director, Mr. Kenroy Dowers; Non-Executive Director, Mr Paul Kokoricha; Non-Executive Director, Mr Taimoor Labib; Non-Executive Director, Mr Mark Patterson; Non-Executive Director, and Mr Emeka Ogbechie.

The Star