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Titan Bank finalises 89% majority stake in Union Bank

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TITAN TRUST BANK (TTB) has completed the process of acquiring majority shareholding in Union Bank of Nigeria (UBN) Plc.

The acquisition will give TTB up to a controlling 89.39 per cent equity stake in the first generation bank.

Trading reports at the Nigerian Exchange (NGX) yesterday revealed that no fewer than 27.34 billion ordinary shares of UBN were swapped in block divestment.

The cross deal was the culmination of the transaction between TTB and Union Global Partners Limited, Atlas Mara Limited and other shareholders.

The trade value of the deal amounted to the sum of N194.356 billion.

TTB had announced on December 23, 2021 that it had secured a majority shareholding in UBN.

The agreement, at the time, which was subject to regulatory approvals and other financial conditions, would transfer 89.39 per cent of Union Bank’s issued share capital to TTB, according to a notification by Union Bank to the Nigerian bourse.

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The chairperson of UBN, Beatrice Hamza Bassey, congratulated, on‭ behalf ‭of‭ the board, all the parties involved ‭in‭ reaching that phase ‬‬‬‬‬‬‬‬of‭ the transaction, saying that ‬the board was looking forward ‭to‭ supporting the next steps ‭to‬ ensure ‬‬‬a seamless completion ‭of‬ the process following regulatory approvals.

She said, “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 Chief Executive Officer of UBN, Emeka Okonkwo, described the divestment as “a significant milestone in the journey of our 104-year-old bank.”

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

A former deputy governor in charge of operations at the Central Bank of Nigeria, Tunde Lemo, is the chairman of TTB, while Mudassir Amray is the managing director.

A former executive director of Zenith Bank, Andy Ojei; a businessman and entrepreneur, Abubakar Mohammed, Mackombo Chukwudi and Lawrence Omoile are non-executive directors at the bank.

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Other directors are Jerome Olagunju Shogbon and Patrick Ikpeminoghena Oyakhare.

The 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. Follow on Twitter @theminentmuyiwa and on Instagram @Hollumuyiwah.

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