Admin l Friday, December 24, 2021
LAGOS, Nigeria – Titan Trust Bank has acquired Union Bank Plc, following a formal notice to NGX and Security and Exchange Commission by the board of Union Bank that its investors, Union Global Partners Limited, Atlas Mara Limited and other stakeholders have reached agreement with Titan Trust Bank to divest their shareholding in Union Bank to Titan Trust Bank.
The agreement subject to other condition will on completion transfer 89.39 percent of Union Bank issued shares to Titan Trust Bank(TTB).
Speaking on the deal, Chairman Union Bank, Mrs. Beatrice Hamza Bassey congratulated parties in reaching this phase of transaction and that the board looks forward to supporting the next step to ensure a seamless completion of the process following regulatory approvals.
“We are grateful to our current investors whose significance and consequential investments over the past nine years facilitated the transformation of Union Bank, one of the 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 reaction, Chief Executive of TTB, 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 in the market share”, he said, adding 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 and shareholders and stakeholders”, he said, adding that Rottschild & Cie acted as financial advisers, while White & Case LLP and Banwo & Ighodalo acted as legal advisers respectively to the selling shareholders of Union Bank.
Citigroup Global Markets Ltd acted as financial advisers, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fullbright LLP, Drew Law Practise and G Elias& Co acted as legal advisers respectively to Titan Trust Bank.
