Titan Trust Bank acquires Union Bank of Nigeria

By Larry John Brown

Published: December 26, 2021 | 10:53 AM GMT

Union Bank of Nigeria Plc has been acquired by Titan Trust Bank Limited, 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, the board of Union Bank of Nigeria Plc explained that the agreement, which is subject to regulatory approvals and other financial conditions, will transfer 89.

39 percent of Union Bank’s issued share capital to Titan Trust Bank upon completion.

“On behalf of the Board, we congratulate all parties involved in reaching this level of the transaction, and the Board looks forward to supporting the next stages to guarantee a seamless completion of the process after regulatory approvals,” Union Bank Chairman Mrs.

Beatrice Hamza Bassey stated.

“The Board of Titan Trust Bank and its key stakeholders are happy as this transaction marks a critical step for Titan Trust in its strategic growth journey and takes the institution to the next level in the Nigerian banking sector,” said Mr.

Tunde Lemo, OFR, chairman of Titan Trust Bank.

Mr.

Emeka Okonkwo, Chief Executive Officer of Union Bank, said, “This transaction marks an important milestone in the path of our 104-year-old Bank.

” We thank our present investors for their loyal support over the years, and we welcome TTB as our new main investor.

We acknowledge the strategic alignment between the two organizations and anticipate that this transaction will benefit our workers, customers, and stakeholders.

We’re looking forward to working together to write Union Bank’s next exciting chapter.

Mr.

Mudassir Amray, Titan Trust Bank’s Chief Executive Officer, said: “After completing over two years of operations with rapid organic development, we are excited to have an opportunity to take a substantial step forward in market share.

” Our coordinated modular strategy complements UBN’s widespread presence, cutting-edge technological platform, high-quality workforce, and strong brand loyalty.

For the benefit of our employees, customers, shareholders, and stakeholders, we look forward to producing exceptional results.

”

Ime N

Titan Trust Bank acquires Union Bank of Nigeria

About Larry John Brown

Larry John is a talented writer and journalist based in New York, USA. He is a valued contributor to TDPel Media, where he creates engaging and informative content for readers. Larry has a keen interest in current events, business, and technology, and he enjoys exploring these topics in-depth to provide readers with a comprehensive understanding of the issues. His writing style is characterized by its clarity, precision, and attention to detail, which make his articles a pleasure to read. Larry’s passion for storytelling has earned him a reputation as a skilled writer and a respected authority in his field.