Titan Trust Bank finally takes over Union Bank
Titan Trust Bank Limited (TTB) has finally completed the deal enabling it to purchase a controlling stake in Union Bank of Nigeria(UBN), the Nigeria’s second-oldest lender on Thursday, in a regulatory filing, almost half a year after an agreement was reached by both parties.
Penpushing reports that, the lender, set out to acquire 89.4 per cent interest in Union Bank from a pool of stakes from exiting major investors including British Virgin Islands-based Atlas Mara and Union Global Partners Limited, but later upped the stake to 93.4 per cent.
The lender is backed by a former Deputy Governor(CBN) Central Bank of Nigeria(CBN), Tunde Lemo while a name change could follow, and with the completion of the transaction, Titan Trust Bank(TGI) Group, parent of the bank, now becomes the majority shareholder and core investor in Union Bank.
Penpushing further reports that the document said the ownership transfer excludes Union Bank United Kingdom a subsidiary of Union Bank of Nigeria, which also has been sold off, with the proceeds of divestment to all the shareholders of the latter as of March 4, 2022.
The document explained that, in the spirit of the change of ownership, the members of Union Bank’s board have exited the bank.
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