Titan Trust buys 89.39% stake in Union Bank, says Board

December 23, 2021
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The board of Union Bank of Nigeria Plc, on Thursday, announced that its investors, Union Global Partners Limited, Atlas Mara Limited and other shareholders, have reached an agreement with Titan Trust Bank Limited to divest their shareholding in Union Bank to TTB.

Titan Trust Bank, the newest national commercial bank in Nigeria, commenced operation in October 2019, according to a statement announcing the deal on Thursday.

“The agreement, which is subject to regulatory approvals and other financial conditions, will upon completion, transfer 89.39 per cent of Union Bank’s issued share capital to TTB,” it said.

Commenting on the transaction, the Chair, Union Bank, Mrs Beatrice Bassey, 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 a 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.”

The Chair, Titan Trust Bank, Mr Tunde Lemo, said the transaction marked a key step for Titan Trust in its strategic growth journey and propelled 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,” he added.

The Chief Executive Officer, Union Bank, Mr Emeka Okonkwo, said, “This transaction marks a significant 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 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.”

The Chief Executive Officer, Titan Trust Bank, Mr Mudassir Amray, said the bank had completed 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 fit well with our synchronised modular strategy,” he added.

Rothschild & Cie acted as financial adviser while White & Case LLP and Banwo & Ighodalo acted as legal advisers, to the Union Bank shareholders selling shares, the statement said.

It said Citigroup Global Markets Limited acted as financial adviser, PricewaterhouseCoopers as due diligence partner, and Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. acted as legal advisers to TTB.

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