Titan Trust Bank Completes Acquisition Union Bank

Titan Trust Bank Limited has completed the acquisition of Nigeria’s second-oldest lender, Union Bank of Nigeria. This was disclosed in a regulatory filing.

Exiting major investors including Union Global Partners Limited and Atlas Mara (British Virgin Islands) will give the bank a 89.4 percentage stake. The stake was later increased to 93.4 percent.

“With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank,” the document said.

Union Bank UK was excluded from the ownership transfer. This subsidiary of Union Bank of Nigeria was sold off with the proceeds of divestment going to all shareholders as of March 4, 2022.

In the spirit of the change of ownership, ten of the thirteen members of Union Bank’s board have exited the bank including CEO Emeka Okonkwo, who has spent barely a year at the helms and the chair, Beatrice Hamza Bassey.

Omolola cardoso and Joseph Mbulu, both executive directors, survived the shake-up. Aisha Abubakar was an independent nonexecutive director.

“Earlier today we reached a significant milestone with the Completion, after regulatory approvals, of the epoch-making transaction announced in December 2021 between the Bank’s core shareholders and Titan Trust Bank,” Ms Bassey said.

“As is normal for transactions such as this, the current board and CEO Emeka Okonkwo retired and handed over reins of the Bank to a new Board and to Mudassir Amray as CEO,” she added.

The acquisition eases the path for Titan Trust Bank to become Nigeria’s sixth-biggest lender, with Union Bank’s assets climbing in valuation to N2.6 trillion at the end of 2021 and Titan’s standing at N136 billion as of December 2020.

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