Titan Trust Bank Limited (TTB) has announced the official acquisition of one of Nigeria’s oldest banks, Union Bank of Nigeria Plc, having become the new majority shareholder.
This came after Union Global Partners Limited, Atlas Mara Limited, and other main shareholders agreed to sell their 88.39 percent stake in Union Bank to TTB.
In a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission, the Board of Union Bank of Nigeria Plc explained that the agreement, which is subject to regulatory approvals and other financial conditions, would transfer 89.39 percent of Union Bank’s issued share capital to TTB upon completion.
Mrs. Beatrice Hamza Bassey, Chairman of Union Bank, commented on the transaction: “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.”