How Union Bank of Nigeria, PLC established in 1917 and listed on the Nigerian Stock Exchange in 1971, a household name and one of Nigeria’s long-standing and most respected financial institutions journey end up in the hand of unknow Titan Trust Bank which was established on the 12th of December, 2018 with experience gap of 101years in operations.
The AmehNews recall the first of how Anthony Onyemaechi Elumelu led “Standard Trust Bank” without much experience to acquired United Bank for Africa (UBA) in 2005 which was tagged as the largest mergers in the banking sector in Sub-Sahara Africa, then. This is another history of small bank takes over large bank with more experience Nigeria banking sector..
In a statement sent to Nigerian Exchange (NGX) on December 23, 2021 through to the investing community and shareholders of Union Bank of Nigeria Plc as it regards to Proposed Divestment of Majority Shareholding Interest in the bank.
The Union Global Partners Ltd. (“UGPL”, the holder of majority shareholding in Union Bank) notified the Board of Directors of Union Bank of Nigeria Plc (“Union Bank”) that it has received the execution of a Share Sale and Purchase Agreement between UGPL, certain other existing shareholders of Union Bank (as Sellers) and Titan Trust Bank Limited (as Purchaser) for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the Sellers, to the Purchaser (“the Transaction”).
“Completion of the Transaction is subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent.
Commenting on the transaction: Chair, Union Bank, Mrs. Beatrice Hamza 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. This is a solid foundation for our incoming investors to build on as we move into a new era for the Bank.”
Chair, Titan Trust Bank, Mr. Tunde Lemo, OFR 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. 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.”
Chief Executive Officer, Titan Trust Bank, Mr. 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.”
About Union Bank of Nigeria, PLC. Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank has a network of over 280 Sales and Service Centers across Nigeria. Following recapitalisation in 2012 from new investors and a new Executive Management team, Union Bank has undergone an award-winning transformation programme to reestablish the bank as a leading provider of financial services in Nigeria. Union Bank is focused on Retail, Commercial and Corporate Banking businesses. In addition to standard current and savings product portfolio, Union Bank has launched pioneering products into the Nigerian retail market including UnionKorrect, UnionGoal and UnionBetta. More information can be found at: www.unionbankng.com
About Titan Trust Bank established on the 12th of December, 2018 and obtained National Banking license on the 26th of April 2019, operating as a fully commercial National Bank. Titan Trust Bank’s National banking license is the first National banking license that the Central Bank of Nigeria has granted in the last Ten years. TITAN is passionate about the future, committed to tomorrow, and laser focused on building a pan-African world class financial institution with innovation, youth, & strength at its heart