PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings has raised US$300 Million funding from the African Export-Import Bank (Afreximbank) on behalf of Titan Trust Bank (“TTB”) to support the acquisition of majority stake in Union Bank Plc, Nigeria.
PAC Capital’s Managing Director, Humphrey Oriakhi, made this known in a statement shortly after the deal was sealed.
Humphrey spoke “Specifically, the arranged funding completed the funds required for the proposed acquisition.”
PAC Capital Limited is the Investment Banking and Advisory arm of PanAfricanCapital Holdings, with an excellent track record of successful fundraising and financial advisory services across Aviation, Financial Services, Telecommunications, Power & Energy, Oil & Gas, Agro-Allied and Hospitality industries in Nigeria and across and beyond Africa.
It is expected that this acquisition will enhance the competitive dynamics of the Nigerian banking sector while maintaining confidence in Nigeria’s financial services industry and broader financial stability.
According to Afreximbank, the acquisition will have a huge impact on the development of the country. TTB plans to use the merged entity for financing of approximately US$3 billion over the medium-term. More than US$600 million will be used to support intra-regional trade finance.
This landmark deal comes shortly after the investment banking firm was awarded the “Best Investment Banking and Advisory Firm Nigeria 2022” by the World Business Outlook Awards.