Banking and Finance SECTOR INSIGHT 24/12/2021
Titan Trust Acquires Majority Stake In Union Bank
Titan Trust Bank Limited (TTB) has become the majority shareholder in 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 TTB.
The Board of Union Bank of Nigeria Plc in a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission explained that the agreement, which is subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 per cent of Union Bank’s issued share capital to TTB.
Commenting on the transaction, the Chairman, 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.”
