Shareholders hopeful of improved governance as Titan acquires 89.39% in Union Bank

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Titan Trust Bank Limited, Nigeria’s youngest commercial bank, has acquired 89.39 per cent equity in Union Bank Nigeria Plc, in a transaction stakeholders are optimistic would improve... Shareholders hopeful of improved governance as Titan acquires 89.39% in Union BankTitan Trust Bank Limited, Nigeria’s youngest commercial bank, has acquired 89.39 per cent equity in Union Bank Nigeria Plc, in a transaction stakeholders are optimistic would improve the financial institution’s corporate governance.

In a notification to the Nigerian Exchange Limited (NGX) and Securities Exchange Commission (SEC) yesterday, the banks said investors of Union Global Partners Limited, Atlas Mara Limited, and other shareholders had reached an agreement with Titan to divest their shareholding in the premier financial institution.

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 Titan.

Commenting on the deal: Chairman of Union Bank, 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 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.”

Titan Trust’s chairman and former deputy governor of the Central Bank of Nigeria (CBN), Tunde Lemo, said the board and other 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.”

He added: “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.”

According to the Union Bank’s Managing Director, Emeka Okonkwo, this deal “marks a significant milestone in the journey of the 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 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,” he said.

The Chief Executive Officer of Titan Trust, Mudassir Amray, described the deal as a significant leap in the market share of the two-year-old financial institution

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