Titan Trust Bank Acquires 89.39 Percent Majority Stake in Union Bank of Nigeria

Titan Trust Bank Limited (TTB) on Monday completed the acquisition of a majority equity stake of 89.39 percent in Union Bank of Nigeria (UBN).

The Nigerian Exchange (NGX) reported that a total of 27.34 billion ordinary shares of UBN were swapped in block divestment.  A total of 19 cross deals were done through the negotiated window of the NGX at N7 per share, indicating a transaction value of N191.4 billion.

The transfer of shares clearly shows the approval of the transaction by all regulators including the Central Bank of Nigeria, Securities and Exchange Commission, and NGX.

In December 2021, the board of UBN announced that its investors, Union Global Partners Limited, Atlas Mara Limited, and other shareholders, have reached an agreement with Titan Trust Bank Limited to divest their shareholding in Union Bank to TTB.

Speaking on the transaction, the chair of Union Bank, Mrs. Beatrice Bassey, said, “On behalf of the board, we congratulate all the 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 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. A solid foundation for our incoming investors to build on as we move into a new era for the bank.”

Chairman, Titan Trust Bank, 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 in the Nigerian banking sector.

“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.”

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 recognise 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.”

Chief Executive Officer, Titan Trust Bank, 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 forward in market share. UBN’s widespread presence, state-of-the-art technology platform, quality staff, and strong brand loyalty fits well with our synchronised modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”