One of Nigeria’s newest commercial banks, Titan Trust Bank Limited, is in the process of acquiring Union Bank of Nigeria Plc, the latter said.
Union Bank Secretary General Somuyiwa Sonubi revealed this in a statement Thursday.
According to him, the board of directors of Union Bank received a notification from Union Global Partners Ltd. (UGPL) – the holder of a majority stake in the bank – of the signing of a share purchase and sale agreement between UGPL, some of its other existing shareholders, and Titan Trust Bank Limited (the 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.
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However, completion of the transaction is subject to obtaining the applicable regulatory authorizations and to the fulfillment of certain conditions precedent.
“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 seamless completion of the process after regulatory approvals”, said Ms. Beatrice Bassey who is President of Union Bank.
“We are grateful to our current investors whose large and substantial investments over the past nine years have facilitated the transformation of Union Bank, one of Nigeria’s oldest and most trusted institutions. “
Bassey believes the bank is well positioned with an innovative product offering, a growing customer base of over six million customers, and consistent profitability year over year.
She described these attributes as a solid foundation upon which entering investors can build as the bank moves into a new era.
For Titan Trust Bank Chairman, Mr. Tunde Lemo, the bank and its key stakeholders are delighted that the transaction marks a major milestone in the bank’s strategic growth journey and propels the institution to the next level in the banking industry. Nigerian.
“The agreement represents a unique opportunity to combine Union Bank’s long-standing and leading banking franchise with TTB’s innovative model which promises to enhance the offering of products and services for our valued customers,” he said. -he declares.
Union Bank CEO Emeka Okonkwo, for his part, described the development as a milestone in the bank’s 104-year journey.
He thanked the bank’s current investors for their unwavering commitment over the years and welcomed their new lead investor.
“We recognize the strategic achievement between the two institutions and hope that this agreement will produce the best results for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank. “
“After completing more than two years of operation with aggressive organic growth, we are delighted to have the opportunity to take a significant leap forward in terms of market share,” said Mr. Mudassir Amray, CEO of Titan Trust Bank.
“UBN’s widespread presence, cutting-edge technology platform, quality staff and strong brand loyalty align well with our modular synchronized strategy. We look forward to delivering superior results for the benefit of our people, customers, shareholders and stakeholders. “
Founded in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is one of Nigeria’s long-standing financial institutions.
Although it has a network of more than 280 sales and service centers across the country, Titan Trust Bank started operations in October 2019.