Titan Trust Bank (TTB) Limited has concluded the deal which enabled it to purchase a majority and controlling stake in Nigeria’s second-oldest lender, Union Bank of Nigeria. Union Bank’s Secretary, Somuyiwa Sonubi disclosed this in a statement that was issued on Thursday.
The statement said, “With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank”.
In line with the acquisition, Union Bank also notified the Nigerian Exchange Group (NGX) of the resignation of directors from the bank’s management board.
The statement further reads, “Union Bank hereby notifies the NGX of the completion of the divestment of the bank’s 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”.
Meanwhile, the Chief Executive Officer (CEO) of Titan Trust Bank, Mudassir Amray has been appointed as Union Bank’s new CEO but it is still unknown if a name change could follow.
According to reports, TTB acquired 93.41 percent of Union Bank’s share capital.
Union Bank was established in Nigeria in 1917 as the Nigerian version of British-owned Barclays Bank but local investors purchased a 40 percent stake, changing its name to Union Bank.
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