Titan Trust Bank, one of the newest national commercial banks in Nigeria, has acquired Union Bank of Nigeria Plc.
In an agreement by Union Global Partners Limited, Atlas Mara Limited and other majority shareholders, 88.39 percent of the shareholding of Union Bank would upon completion transfer be issued to Titan Trust Bank.
The board of Union Bank of Nigeria Plc sent a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission on Thursday, seeking regulatory approvals to this effect.
Mrs. Beatrice Hamza Bassey, chairman of the Board of Union Bank, 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.”
Mr. Tunde Lemo, OFR, and chairman of Titan Trust Bank, stated: “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.”
Mr. Emeka Okonkwo, Chief Executive Officer of Union Bank, 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.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank has a network of over 280 Sales and Service Centers across Nigeria.
Titan Trust Bank commenced operation in October 2019 with a strong capital base, and offering quality banking services at a cutting-edge technology that enables its customers to enjoy banking services through a wide range of channels.