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- Titan Trust Bank takes over the reins of Union Bank
- Titan Trust Bank Limited, one of Nigeria's newest commercial banks, which went into operation in October 2019, buys 89.39 percent of the outgoing Union Bank capital, both companies announced on Thursday.
The Board of Directors of Union Bank of Nigeria Plc (“Union Bank”) today announced its receipt of notice from Union Global Partners Ltd. (“UGPL”, the majority shareholder of Union Bank) through the use of the Trade and Investment Agreement between UGPL, other existing Union Bank shareholders (as brokers) and Titan Trust Bank Limited (as a Buyer) for the sale of 89.39% of the shares issued by the Union Bank held by traders, so that the Buyer (“The Transaction”), ”announced.
Completion of a job depends on obtaining effective regulatory permits and the “fulfillment of a precondition”.
Union Bank Chief Executive Officer, Emeka Okonkwo, said: “This transaction marks a milestone in the journey of our 104-year-old Bank.
While we thank our current investors for their unwavering commitment to the Bank over the years, we welcome our new investor, TTB.
We recognize the strategic alignment between the two institutions and expect this agreement to bring the best possible results to our employees, customers and stakeholders. We look forward to writing the next exciting chapter of the Union Bank. ”
The Union Bank of Nigeria was established in 1917 and listed on the Nigerian Stock Exchange in 1971.
The bank has a network of more than 280 trading centers and services throughout Nigeria.
