Union Bank of Nigeria Plc has been acquired by Titan Trust Bank Limited (TTB), one of Nigeria’s fastest-growing and customer-centric financial service providers.
Union Global Partners Limited, Atlas Mara Limited, and other majority shareholders agreed to sell their 88.39 percent stake in Union Bank to Titan Trust Bank.
In a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission on Thursday, the board of Union Bank of Nigeria Plc explained that the agreement, which is subject to regulatory approvals and other financial conditions, will transfer 89.39 percent of Union Bank’s issued share capital to Titan Trust Bank upon completion.
“On behalf of the Board, we congratulate all parties involved in reaching this level of the transaction, and the Board looks forward to supporting the next stages to guarantee a flawless conclusion of the process after regulatory approvals,” Union Bank Chairman Mrs. Beatrice Hamza Bassey stated.
“We owe a debt of gratitude to our present investors, whose major and consequential contributions have aided the development of Union Bank, one of Nigeria’s oldest and most renowned institutions, during the last nine years.” With an innovative product offering, a rising client base of over six million, and steady year-over-year profitability, the bank is well-positioned today.
“This is a solid foundation for our incoming investors to build on as we move into a new era for the bank.”
According to the chairman, Titan Trust Bank, Mr. Tunde Lemo, OFR: “The Board of Titan Trust Bank and our key 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.
“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.” He said.
Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo noted: “This transaction marks a significant milestone in the journey of our 104-year old Bank. Whilst 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.
On his part, Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray said: “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share. UBN’s widespread presence, state of the art technology platform, quality staff and strong brand loyalty fits well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”
According to the statement, Rothschild & Cie acted as financial advisers to the selling shareholders of Union Bank, while Citigroup Global Markets Limited acted as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise, and G. Elias & Co. acted as legal advisers to TTB.
Union Bank is a household brand and one of Nigeria’s oldest and most recognized financial companies, having been founded in 1917 and listed on the Nigerian Stock Exchange in 1971. Over 280 Sales and Service Centers are spread across Nigeria by the bank. Union Bank is a bank that specializes in retail, commercial, and corporate banking.
Titan Trust Bank is one of Nigeria’s most recent national commercial banks.
The lender began operations in October 2019 with a strong capital basis and has proved accuracy in plan execution by seeing great growth, especially during challenging circumstances.
In just two years, the bank has earned the trust of the banking public by providing high-quality banking services with cutting-edge technology that allows consumers to access banking services through a variety of channels.
Titan Trust Bank has been named ‘Best Trade Finance Provider in Nigeria’ for 2022 (for the second year in a row) by the New York-based Global Finance Magazine World’s Best Trade Finance Providers Awards, as well as ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand’ for 2021 by the New York-based Global Finance Magazine World’s Best Trade Finance Providers Awards.