Titan Trust bank Limited has on Thursday announced that it is acquiring 89.39 percent of Union Bank, one of Nigeria's oldest banks. The acquisition follows an agreement by Union Global Partners Limited, Atlas Mara Limited, and other major stakeholders to divest 88.39 percent of shareholding in Union Bank to Titan Trust Bank. The Union Global Partners Ltd (UGPL), in a notification to the Board of Directors of Union Bank of Nigeria Plc announced that
“the execution of a Share Sale and Purchase Agreement between UGPL and Titan Trust Bank Limited for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the sellers, to the purchaser, adding that the completion of the transaction is subject to the regulatory approvals and the “fulfilment of certain conditions precedent”.
Speaking on the development, the chairperson of Union Bank, Beatrice 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 chairman, Titan Trust Bank, Mr. Tunde Lemo, “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.” He said.
The Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo noted that “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.
On his part, the Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray explained that “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.”
