Somuyiwa Sonubi, Union Bank’s secretary has disclosed Titan Trust Bank Limited (TTB) has acquired major stakes in Union Bank of Nigeria Plc.
Sonubi made this known in a statement posted on the Nigerian Exchange Limited (NGX) on Thursday.
The statement revealed Union Global Partners Limited, Atlas Mara Limited and other existing shareholders agreed to divest 89.39 percent shareholding in Union Bank to TTB.
Speaking on the development, Beatrice Hamza Bassey, chair, Union Bank, 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 profitabilit
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“This is a solid foundation for our incoming investors to build on as we mobe into a new era for the bank.”
Chair, 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.”
Commenting, Emeka Okonkwo, chief executive officer, Union Bank, 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,” he added.
“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.”
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 synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”
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