Titan Trust Bank Limited (TTB) has acquired Union Bank of Nigeria Plc.
Union Global Partners Limited, Atlas Mara Limited and other majority shareholders have agreed to divest 88.39% shareholding in Union Bank to Titan Trust Bank.
The Board of Union Bank of Nigeria Plc disclosed this in a notification statement to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission (SEC) on Thursday.
The statement explained that the agreement, which is subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39% of Union Bank’s issued share capital to Titan Trust Bank.
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.”
Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo noted: “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.”
Also, Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray said: “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,” he added.