22.6 C
Abuja
22.6 C
Abuja

Titan Bank acquires 89% majority share in Union Bank

Advertisement

Related

Advertisement
Advertisement

Share this story

TITAN TRUST BANK  (TTB) has acquired the majority shareholding in Union Bank of Nigeria Plc.

The agreement, which is subject to regulatory approvals and other financial conditions, will  transfer 89.39 per cent of Union Bank’s issued share capital to TTB, according to a notification by Union Bank to the Nigerian Exchange Limited (NGX) on Thursday.

Chair of Union Bank Beatrice Hamza Bassey, on‭ behalf ‭of‭ the board, ‭congratulated all the parties involved ‭in‭ reaching that phase ‬‬‬‬‬‬‬‬of‭ the transaction, saying that ‬the board looked 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.”

Chief Executive Officer of Union Bank Emeka Okonkwo described the divestment as ‘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 recognize 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.”

- Advertisement -

The CEO of Titan Trust Bank Mudassir Amray, on his part, stated that, “After completing 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 fits well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”

Titan Trust Bank was established on December 12, 2018. It started operating as a commercial national bank after obtaining its national banking license on the 26th of April, 2019.

Former Deputy Governor in charge of operations at the Central Bank of Nigeria Tunde Lemo is the chairman of Titan Trust Bank.

Former Executive Director of Zenith Bank  Andy Ojei is a non-executive director of the bank. Businessman and entrepreneur Abubakar Mohammed is also a non-executive director just as Mackombo Chukwudi Lawrence Omoile. Other directors are Jerome Olagunju Shogbon and Patrick Ikpeminoghena Oyakhare.

Managing Director of the bank is Mudassir Amray.

Author profile

Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org

Support the ICIR

We invite you to support us to continue the work we do.

Your support will strengthen journalism in Nigeria and help sustain our democracy.

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

Advertisement

Recent

ISWAP claims responsibility for Kuje Prison attack

THE Islamic State in West Africa Province (ISWAP) has claimed responsibility for the attack...

Kuje Prison attack: FCT minister urges traditional rulers to fish out fleeing inmates

MINISTER of the Federal Capital Territory Administration (FCTA) Muhammad Musa Bello has called on...

Abuja-Kaduna train attackers behind attack on Kuje Prison – Gumi’s aide

TUKUR Mamu, a media consultant to controversial Islamic cleric Ahmad Gumi, has said the...

Buhari visits Kuje Prison, expresses shock at scale and audacity of attack

PRESIDENT Muhammadu Buhari has expressed shock at the "scale and audacity of the attack"...

How elderly Nigerian doctor insisted on botched procedure that landed him in jail

AN 85-year-old Nigerian doctor Isyaka Mamman has been sentenced to three years in prison...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement