Titan Trust Bank to Take Over Union Bank After 89.39% Stake Acquisition

0
Titan Trust Bank acquires Union Bank

Takes Over

of Nigeria Plc has been acquired by Limited (TTB), one of Nigeria’s fastest-growing and customer-centric financial service providers.

Union Global Partners Limited, Atlas Mara Limited, and other majority shareholders agreed to sell their 88.39 percent stake in Union Bank to Titan Trust Bank.

In a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission on Thursday, the board of of Nigeria Plc explained that the agreement, which is subject to regulatory approvals and other financial conditions, will transfer 89.39 percent of ’s issued share capital to upon completion.

Read Also : Npower News: FG To Shortlist Fresh 400,000 Youths Under NPower Batch C2 shortly

“On behalf of the Board, we congratulate all 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,” Chairman Mrs. Beatrice Hamza Bassey said.

“We owe a debt of gratitude to our current investors, whose significant and consequential investments have aided the transformation of , one of Nigeria’s oldest and most storied institutions, over the last nine years.” With an innovative product offering, a growing customer base of over six million, and consistent year-over-year profitability, the bank is well-positioned today.

“As we enter a new era for the bank, this is a solid foundation for our incoming investors to build on.”

“The Board of 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,” said Mr. Tunde Lemo, OFR, chairman of .

Read Also :Flour Mills Buys Honeywell For N80bn 

“The transaction represents a once-in-a-lifetime opportunity to combine ’s long-standing and leading banking franchise with TTB’s innovative model, which promises to enhance our combined valued customers’ product and service offerings.” He stated his case.

Mr. Emeka Okonkwo, Chief Executive Officer of , said, “This transaction marks a significant milestone in the journey of our 104-year-old Bank.” We thank our current investors for their unwavering support over the years, and we welcome TTB as our new core investor. We recognize the strategic alignment between the two organizations and anticipate that this transaction will benefit our employees, customers, and stakeholders. We’re looking forward to working together to write ’s next exciting chapter.

Mr. Mudassir Amray, ’s Chief Executive Officer, said: “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity to take a significant step forward in market share.” Our synchronized modular strategy complements UBN’s widespread presence, cutting-edge technology platform, high-quality staff, and strong brand loyalty. For the benefit of our employees, customers, shareholders, and stakeholders, we look forward to delivering superior results.”

According to the statement, Rothschild & Cie acted as financial advisers to the selling shareholders of , while Citigroup Global Markets Limited acted as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise, and G. Elias & Co. acted as legal advisers to TTB.

is a household name and one of Nigeria’s oldest and most respected financial institutions, having been founded in 1917 and listed on the Nigerian Stock Exchange in 1971. Over 280 Sales and Service Centers are spread across Nigeria by the bank. is a bank that specializes in retail, commercial, and corporate banking.

is one of Nigeria’s most recent national commercial banks.

The lender began operations in October 2019 with a strong capital base and has demonstrated precision in strategy execution by experiencing tremendous growth, even during difficult times.

Also : Titan Trust Bank Recruitment  For Graduates

In just two years, the bank has earned the trust of the banking public by providing high-quality banking services through cutting-edge technology that allows customers to access banking services through a variety of channels.

Titan Trust Bank has been named ‘Best Trade Finance Provider in Nigeria’ by Global Finance (for the second year in a row) for 2022, as well as ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand’ by the Global Brand for 2021.

MORE POSTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.