Titan Trust Bank Limited, one of Nigeria’s newest commercial banks, which commenced operations in October 2019, is buying 89.39 per cent of the issued capital of Union Bank, both companies announced Thursday.
“The Board of Directors of Union Bank of Nigeria Plc (“Union Bank”) today 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 (“the Transaction”),” they announced.
The completion of the transaction is subject to obtaining applicable regulatory approvals and the “fulfilment of certain conditions precedent”.
The Chief Executive Officer of Union Bank, 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.”
Union Bank of Nigeria was established in 1917 and listed on the Nigerian Stock Exchange in 1971.
The bank has a network of over 280 sales and service centres across Nigeria.
Independent