Titan Trust Bank takes over Union Bank
By Dele Ojo
Titan Trust Bank the newest national commercial bank in Nigeria, which commenced operation in October 2019 with a strong capital base has strategically bought over the Stallion -Union Bank of Nigeria in a landmark deal between the majority shareholding investor in the 104-year old bank.
An elated Mudassir Amray, Chief Executive Officer, Titan Trust Bank, said: “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share. UBN’s widespread presence, state-of-the-art technology platform, quality staff, and strong brand loyalty fits well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”
The takeover was revealed by the Board of Directors of Union Bank of Nigeria Plc Thursday, in a message by Somuyiwa Sonubi, Company Secretary, to the Nigerian Exchange and the investing public that it has received a notification from Union Global Partners Ltd, the holder of a majority shareholding in Union Bank, of the execution of a Share Sale and Purchase Agreement between UGPL, certain other existing shareholders of Union Bank and Titan Trust Bank Limited as Purchaser, for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the Sellers, to the Purchaser.
However, completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent.
To Mr. Tunde Lemo, Chair, Titan Trust Bank, “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.”
Mrs. Beatrice Hamza Bassey, Chair, Union Bank, while commenting on the transaction 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 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.”
On his part, Mr. Emeka Okonkwo, Chief Executive Officer, Union Bank, explained that: “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.”
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