Union bank

Breaking – Titan Trust Bank acquires Union Bank

Titan Trust Bank Limited, directed by Lemo mower, buys 89.39 percent of Union Bank, the two companies announced on Thursday.

Titan Trust Bank announced the acquisition of one of from Nigeria oldest banks, Union Bank.

Titan Trust Bank Limited, one of from Nigeria most recent commercial banks, which began their activities in October 2019, buys 89.39 percent of the issued capital of Union Bank, the two companies announced on Thursday.

“The Board of Directors of Union Bank of Nigeria Plc (“Union Bank“) today announced that it has received notification from Union Global Partners Ltd. (“UGPL”, majority shareholder of Union Bank) 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 buyer) for the sale of a total of 89.39% of the issued share capital of Union Bank held by the Sellers, to the Buyer (“the Transaction”)”, they announced.

The completion of the transaction is subject to the receipt of applicable regulatory approvals and the “fulfillment of certain conditions precedent”.

Commenting on the transaction, the chairman of Union Bank, Beatrice Bassey said, “On behalf of the Board of Directors, we congratulate all parties involved in completing this phase of the transaction and the Board of Directors looks forward to supporting the next steps to ensure a smooth completion of the process following the regulatory approvals.We are grateful to our current investors whose significant and consistent investments over the past nine years have facilitated the transformation of Union Bank, one of from Nigeria oldest and historical 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 on which our new investors can build as we enter a new era for the Bank. »

The president of Titan Trust Bank, Lemo mower, noted: “The Board of Directors of Titan Trust Bank and our key stakeholders are thrilled as this transaction marks a key milestone for Trust of the Titans in its strategic growth journey and propels the institution to the next level of the Nigerian banking industry. The agreement represents a unique opportunity to combine Union Bank long-standing and leading banking franchise with TTB’s innovation-driven model that promises to enhance the product and service offering for our valued combined customers. »

The general manager of Union Bank, Emeka Okonkwo, said: “This transaction marks an important milestone in the journey of our 104-year-old Bank. While thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new lead investor , TTB. We recognize the strategic fit between the two institutions and expect this agreement to yield the best results for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.”

Also the general manager of Titan Trust Bank, Moudassir Amray, said, “After more than two years of operating with aggressive organic growth, we are excited to have the opportunity to significantly increase our market share. The expanded presence of UBN, its technology platform of industry-leading, quality people and strong brand loyalty align well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our people, customers, shareholders and stakeholders.”

Union Bank of Nigeria was established in 1917 and listed on the Nigerian scholarship in 1971.

The bank has a network of more than 280 sales and service centers across Nigeria.

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