TITAN TRUST BANK (TTB) has completed the process of acquiring majority shareholding in Union Bank of Nigeria (UBN) Plc.
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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.
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.
Other directors are Jerome Olagunju Shogbon and Patrick Ikpeminoghena Oyakhare.
The managing director of the bank is Mudassir Amray.
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