Union bank

Nigerian Titan Trust Bank acquires majority stake in Union Bank

Adds details, share price

ABUJA, June 2 (Reuters)Titan Trust Bank of Nigeria Completed Acquisition of 93.41% of Union Bank Shares UBN.LG from major existing investors after receiving regulatory approvals, Union Bank said Thursday.

Union Bank said Titan Trust had acquired the stake from a consortium of investors led by Union Global Partners and Atlas Mara, the African investment vehicle set up by former Barclays boss Bob Diamond.

The mid-tier lender said Titan had appointed a new board with Mudassir Amray as chief executive. He added that the current board members retired as a result of the acquisition.

Union Bank, a former unit of Barclays Bank established more than 100 years ago, said it had completed the sale of its UK subsidiary to existing shareholders, adding that it was not part of the Titan deal.

Shares of Union Bank, which have gained 37% since the deal was announced in December, closed at 6.65 naira each on Thursday.

(Reporting by Chijioke Ohuocha Editing by Holland Hereward, Kirsten Donovan)

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