One of the new financial institutions in the country, Titan Trust Bank, has taken over one of the old generation banks, Union Bank of Nigeria Plc.
Titan Trust Bank, which has veteran banker, Mr. Tunde Lemo, as its Chairman, is now in control of Union Bank after acquiring an 89.39 percent stake in the lender, Business correspondent reports.
The new bank bought the shareholding from Union Global Partners Limited, though the deal is subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent.
“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,” Mr. Lemo, who left Wema Bank to the Central Bank of Nigeria (CBN), stated.
Also commenting, the chairman of Union Bank, Mrs. Beatrice Hamza Bassey, congratulated the “parties involved in reaching this phase of the transaction and the board looks forward to supporting the next steps to ensure 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. This is a solid foundation for our incoming investors to build on as we move into a new era for the bank.”
Reacting, the CEO of Union Bank, Mr. Emeka Okonkwo, described the divestment as “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.”
The CEO of Titan Trust Bank, Mr. Mudassir Amray, on his part, stated that “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 synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”