Titan Trust Bank takes over Union Bank, Okonkwo, others retire

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The Board of Directors of Union Bank Plc has announced the retirement of its Chief Executive Officer, Emeka Okonkwo effective 2nd of June 2022 and other top directors of the bank.

This is coming on the heels of the completion of core investors’ sale of majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group which now holds 93.4 percent of Union Bank’s issued share.

According to a statement signed by bank’s Somuyiwa Sonubi, Company Secretary the bank, other directors that retired include Mrs. Beatrice Hamza Bassey, Chair/Non-Executive Director; Mrs. Obafunke Alade-Adeyefa, Independent Non-Executive Director; Mr. Richard Burrett, Non-Executive Director; Mr. Ian Clyne, Non-Executive Director; Mr. Kenroy Dowers, Non-Executive Director; Mr. Paul Kokoricha, Non-Executive Director; Mr. Taimoor Labib, Non-Executive Director; Mr. Mark Patterson, Non-Executive Director; and Mr. Emeka Ogbechie Non-Executive Director.

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The Board of Directors of Union Bank also announced the appointment of Mr. Mudassir Amray as the Chief Executive Officer, effective 2nd June 2022 and Mr. Farouk Mohammed Gumel as the Bank’s Chairman.

Recall that in 2021, Union Bank Nigeria Plc had reached an agreement to sell a majority stake to Titan Trust Bank Ltd.

According to details obtained, the deal will see existing core investors in Union Bank, Union Global Partners Ltd (64.98%), Atlas Mara (25.53%) and other shareholders divest their core holdings totalling 89.39 per cent in Union Bank to Titan Trust Bank.

The deal suggests a merely 2 years old bank (Titan commenced operations in October 2019) will be acquiring a 104-year-old bank, becoming one of the most remarkable acquisitions in the Nigerian Banking space after STB acquired UBA in the landmark 2005 deal.

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Commenting on behalf of the outgoing Directors, erstwhile Chair of the Board, Mrs. Beatrice Hamza Bassey said the Union Bank reached a significant milestone with the completion, after regulatory approvals, of the epoch-making transaction announced in December 2021 between the Bank’s core shareholders and Titan Trust Bank.

“As is normal for transactions such as this, the current board and CEO Mr. Emeka Okonkwo retired and handed over the reins of the Bank to a new Board and to Mr. Mudassir Amray as CEO. The entire Board congratulates the parties on this landmark transaction.

“It has been a privilege and honor to have chaired and served on the Board that oversaw the preservation and transformation of one of Nigeria’s most iconic institutions. The significant investments made over the last ten years by the outgoing investors, along with the vision, astute counsel and direction of our Directors helped us implement the strategic objectives that we set and laid the foundation for this new era of growth for the Bank.

“We wish Titan Trust Bank, the incoming Board of Directors and Mr. Amray every success for the future and look forward to seeing the Bank continue from strength to strength in servicing the financing needs of our customers,” she added.