Titan Trust Bank Acquires Union Bank

Acquisition of Union Bank Rocks Mass Resignation
Acquisition of Union Bank Rocks Mass Resignation

Titan Trust Bank Limited (TTB), one of Nigeria’s fastest-growing and most customer-focused financial service providers, has purchased Union Bank of Nigeria Plc. Union Global Partners Limited, Atlas Mara Limited, and other majority shareholders agreed to sell their 88.39 percent stake in Union Bank to Titan Trust Bank.

In a notification to the Nigerian Exchange Limited (NGX) and the Securities and Exchange Commission on Thursday, the board of Union Bank of Nigeria Plc explained that the agreement, which is subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 percent of Union Bank’s issued share capital to Titan Trust Bank.

Mrs. Beatrice Hamza Bassey, Chairman of Union Bank, commented on the transaction, saying, “On behalf of the Board, we congratulate all 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 have facilitated the transformation of Union Bank, one of Nigeria’s oldest and most storied institutions, over the last nine years.” Today, the bank is well-positioned, with an innovative product offering, a growing customer base of more than six million, and consistent year-over-year profitability.

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“This is a solid foundation for our incoming investors to build on as the bank enters a new era.”

“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,” said Mr. Tunde Lemo, OFR, chairman of Titan Trust Bank.

The transaction represents a once-in-a-lifetime opportunity to combine Union Bank’s long-standing and leading banking franchise with TTB’s innovative model, which promises to enhance our combined valued customers’ product and service offerings.” He stated.

Mr. Emeka Okonkwo, Chief Executive Officer of Union Bank, stated, “This transaction marks a significant milestone in the journey of our 104-year-old Bank.” While we thank our current investors for their unwavering support over the years, we also welcome TTB as a new core investor. We recognize the strategic fit between the two institutions and anticipate that this transaction will benefit our employees, customers, and stakeholders. We are excited to work together to write the next exciting chapter for Union Bank.

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Mr. Mudassir Amray, Chief Executive Officer of Titan Trust Bank, stated, “After more than 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, cutting-edge technology platform, high-quality staff, and strong brand loyalty complement our synchronized modular strategy. We are excited to deliver exceptional results for the benefit of our employees, customers, shareholders, and stakeholders.”

According to the statement, Rothschild & Cie served as financial adviser and White & Case LLP and Banwo & Ighodalo served as legal advisers to Union Bank’s selling shareholders, while Citigroup Global Markets Limited served as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise, and G. Elias & Co. served as legal advisers to TTB.

Union Bank, founded in 1917 and listed on the Nigerian Stock Exchange in 1971, is a household name and one of Nigeria’s oldest and most respected financial institutions. Across Nigeria, the bank has over 280 Sales and Service Centers. Union Bank focuses on retail, commercial, and corporate banking.

Titan Trust Bank is one of Nigeria’s newest national commercial banks.

The lender began operations in October 2019 with a strong capital base and has demonstrated precision in strategy execution by demonstrating tremendous growth, even during difficult times.

In just two years, the bank has grown to earn the trust of the banking public by providing quality banking services through cutting-edge technology that allows its customers to enjoy banking services through a variety of channels.

Titan Trust Bank has been named ‘Best Trade Finance Provider in Nigeria’ for 2022 (for the second year in a row) by the New York-based Global Finance Magazine World’s Best Trade Finance Providers Awards, as well as ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand’ for 2021.