Lagos – Union Bank changes hand as Core Investors agree to sell 89.39 per cent stake to TITAN TRUST BANK
Lagos – The Board of Union Bank of Nigeria Plc on Thursday notified the NGX and Securities Exchange Commission that its investors Union Global Partners Limited, Atlas Mara Limited and other shareholders have reached an agreement with Titan Trust Bank Limited (TTB) to divest their shareholding in Union Bank to TTB.
In a statement in Lagos, the management of the bank said the agreement, which is subject to regulatory approvals and other financial conditions, will upon completion transfer
89.39% of Union Bank’s issued share capital to TTB.
Commenting on the transaction,
Union Bank Chairman, Mrs.Beatrice Hamza Bassey said
“On behalf of the Board, we congratulate all the parties involved in reaching this phase
of the transaction.
She said that 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,” She said.
In his remarks, the
Chairman, Titan Trust Bank, Mr. Tunde Lemo, 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.
“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.”
The Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo said:
“this transaction marks a significant milestone in the journey of our 104-year old Bank.
“While 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.”
The Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray in his speech 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.”
The bank was 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. (vitalnews)
