One of Nigeria’s oldest banks, Union Bank of Nigeria Plc is set to be taken over by Titan Trust Bank (TTB) after its core investors Union Global Partners Limited, Atlas Mara Ltd agreed to diversify their shareholding in the bank to TTB.
In a notice to the NGX and Securities Exchange Commission, the Board of Union Bank stated that its investors Union Global Partners Limited, Atlas Mara Ltd and other shareholders have reached an agreement with Titan Trust Limited (TTB) to divest their shareholding in Union Bank to TTB.
The agreement, which is subject to regulatory approvals and other financial conditions, will upon completion transfer 89.39% of Union Bank’s issued share capital to TTB.
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Reacting to the development, Chairman, Union Bank, Mrs. Beatrice Hamza Bassey congratulated all parties involved in reaching the new phase of the transaction and that 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.
Also commenting, Chairman of Titan Trust Bank, Tunde Lemo, said key shareholders are delighted as the 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.