July 14, 2024

Nigeria’s Newest Bank, Titan Trust Bank Buys 89.39% Stake In Union Bank

3 min read

The Board of Directors of Union Bank of Nigeria Plc on Thursday announced that it has received a notification from Union Global Partners Ltd. (UGPL), the holder of majority shareholding in Union Bank of the execution of a Share Sale and Purchase Agreement between UGPL, certain other existing shareholders of Union Bank (as Sellers) and Titan Trust Bank Limited (as Purchaser) for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the Sellers, to the Purchaser .

Titan Trust Bank Limited, Nigeria’s newest bank was established on the 12th of December, 2018 and started operating fully as a commercial National Bank after obtaining its National Banking license on the 26th of April, 2019.

His chairman, Mr Tunde Lemo was a Central Bank of Nigeria’s former deputy governor while it’s Managing Director / CEO, Mr. Mudassir Amray had held various senior positions at Citibank and other foreign & local banks, including: Managing Director / Head of Global Capital Management & Senior Credit Officer for LATAM region, Citibank New York . Managing Director / Group Head of Global Corporate & Investment Banking & Senior Credit Officer for Citibank Nigeria and Ghana Head of Wholesale Banking at Al-Rajhi Bank in Malaysia Director, Global Network Capital Management at Citibank in Hong Kong Head of Islamic Banking for Asia Pacific region at Citibank in Singapore Director / Country Business Head & Senior Credit Officer at Citibank in Pakistan Regional Manager & Country Head Structured Finance for Bank Alfalah in Pakistan Corporate Bank Head at United Bank Limited in Pakistan Mudassir has a strong focus on governance and processes and has a balanced approach towards risk and business.

Union Bank is a notice at the Nigerian Exchnage on Thursday said the completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent.

Commenting on the transaction: Chair, 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.”

Chair, Titan Trust Bank, Mr. Tunde Lemo, OFR said: “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.”

Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo said: “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.”

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.

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions.

The Bank has a network of over 280 Sales and Service Centers across Nigeria.

Following recapitalisation in 2012 from new investors and a new Executive Management team, Union Bank has undergone an award-winning transformation programme to reestablish the bank as a leading provider of financial services in Nigeria. Culled: World stage.

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