Titan Trust Bank Limited (TTB) has acquired 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 Titan Trust Bank.
Somuyiwa Sonubi, Union Bank’s secretary, disclosed this in a statement posted on the Nigerian Exchange Limited (NGX) on Thursday.
The statement said Union Global Partners Limited, Atlas Mara Limited and other existing shareholders agreed to divest 89.39 percent shareholding in Union Bank to TTB.
The board of directors of Union Bank of Nigeria Plc explained that the transaction, which is subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 percent of Union Bank’s issued share capital to TTB.
Commenting on the transaction, the Chairman, 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.”