Titan Trust Bank Limited has acquired a majority shareholding interest in Union Bank making it the new owners of Union Bank.
This was contained in a notice published on the website of NGX and Securities Exchange Commission on Thursday.
The notice was titled, ‘Proposed Divestment of Majority Shareholding Interest in Union Bank of Nigeria Plc’.
Part of the notice read, “The Board of Directors of Union Bank of Nigeria Plc (“Union Bank”) today announced that it has received a notification from Union Global Partners Ltd. (“UGPL”, the holder of majority shareholding in Union Bank) of the execution of a Share Sale and Purchase Agreement between UGPL, certain other existing shareholders of Union Bank (as Sellers) 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 (“the Transaction”).
Completion of the Transaction is subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent.”
Commenting on the transaction, the Chairman of Titan Trust Bank, Mr. Tunde Lemo, expressed delight.
The notice quoted Lemo as saying, “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.”
Also, the Chief Executive Officer of Union Bank, Mr. Emeka Okonkwo, described the transaction as a major milestone in the history of the bank.
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Okonkwo said, “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 recognise 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.”