Titan Trust Bank Limited (TTB) has acquired major stakes in Union Bank of Nigeria (UBN) Plc.
Somuyiwa Sonubi, Union Bank’s secretary, disclosed this in a statement posted on the Nigerian Exchange Limited (NGX) on Thursday.
The statement said Union Global Partners Limited, Atlas Mara Limited and other existing shareholders agreed to divest 89.39 per cent shareholding in Union Bank to TTB.
UBN board of directors explained that the transaction, subject to regulatory approvals and other financial conditions, would upon completion transfer of 89.39 per cent of UBN’s issued share capital to TTB.
Commenting on the transaction: the UBN Chairperson, 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.”
TTB Chairman, Mr. Tunde Lemo, on his part said: “The Board of Titan Trust Bank and our key stakeholders are delighted as this 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.
The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.”
Union Bank CEO, Mr. Emeka Okonkwo, said: “This transaction marks a significant milestone in the journey of our 104-year old bank. While thanking our current investors for their unwavering commitment to the bank over the years, we welcome our new core investor, TTB. We recognise 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.”