New Telegraph

Titan Trust Bank acquires majority stake in Union Bank

Titan Trust Bank (TTB) has acquired a majority shareholding interest in Union Bank of Nigeria Plc., following an agreement by Union Global Partners Limited, Atlas Mara Limited and other majority shareholders to divest 88.39 per cent shareholding in Union Bank to TTB.

A press release titled, “Union Bank core investor to sell majority stake to Titan Trust Bank” issued yesterday, stated: “The Board of Union Bank of Nigeria Plc. today notified the NGX and Securities Exchange Commission that its investors Union Global Partners Limited, Atlas Mara Limited and other shareholders have reached an agreement with Titan Trust Bank Limited (TTB) to divest their shareholding in Union Bank to TTB. “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.”

Commenting on the transaction: Chair, Union Bank, Mrs. Beatrice Hamza 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.” Chair, Titan Trust Bank, Mr. Tunde Lemo said: “The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels 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.” Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo, said: “This transaction marks 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 recognise the strategic fit between the two institutions and expect that this deal will deliver the best our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.” Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray, said: “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.” According to the press release, Rothschild & Cie acted as financial adviser and White & Case LLP and Banwo & Ighodalo as legal advisers respectively, to the selling shareholders of Union Bank. Citigroup Global Markets Limited acted as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. acted as legal advisers respectively to TTB. Titan Trust Bank Limited was established on the 12th of December, 2018 and obtained its National Banking license on the 26th of April 2019, to operate as a commercial bank with national authorization. The lender, which is the newest national commercial bank in the country, commenced operations in October 2019. Mr. Lemo, the Chairman of the bank’s board, was a former Deputy Governor of the Central Bank of Nigeria (CBN).

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