Titan Trust Bank set to take over Union Bank

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The Management of Titan Trust Bank Limited (TTB) led by Tunde Lemo is set to take over Union Bank.

According to the documents, Titan Trust bank is set to takes over Union Bank has brought to closure the deal enabling it to purchase a controlling stake in Union Bank of Nigeria.

This document contained in a regulatory filing documents on Thursday.

READ ALSO THIS: Titan Trust Acquires Majority Stake in Union Bank

The Ameh News recall Union Bank explained that the agreement, which is subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 per cent of Union Bank’s issued share capital to TTB.

Commenting on the transaction, the Chairman, 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.

According to the source, in a regulatory filing, almost half a year after an agreement was reached by both parties, the lender, backed by a former Central Bank of Nigeria deputy governor, Tunde Lemo, 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. Even though no mention of it is made in the statement.

A name change could follow.“With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank,” the document said.

http://www.cbn.gov.ng

The report further noted that the ownership transfer excludes Union Bank UK, 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.

In the spirit of the change of ownership, the members of Union Bank’s board have exited the bank, report stated.


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