Titan Trust Acquires Majority Stake in Union Bank


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.

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The ‭‭Board ‭of‬ Union Bank ‭of‬ Nigeria ‭Plc‬ in a notification to the ‬‬Nigerian Exchange Limited (NG‭X) ‭and‬ theSecurities 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.‭”‭ ‬‬‬

…..more details later

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