Titan Trust Bank Limited (TTB) owned by Tunde Lemo, who is a former Deputy Governor of the Central Bank of Nigeria (CBN), has taken over Union Bank.
It has been reported that the Board of Union Bank of Nigeria Plc (Union Bank) on Thursday notified the NGX and Securities Exchange Commission of the takeover.
According to the Union Bank board, its investors Union Global Partners Limited, Atlas Mara Limited, and other shareholders reached an agreement with Titan Trust Bank Limited (TTB) to divest their shareholding in Union Bank to TTB.
It was gathered that the agreement, which is subject to regulatory approvals and other financial conditions, will upon completion transfer 89.39% of Union Bank’s issued share capital to TTB.
Speaking in the takeover, Tunde Lemo expressed delight, stating that the transaction marks a key step for Titan Trust in its strategic growth journey.
The former CBN boss added that the deal will propel 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,” Lemo said.
Also speaking 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 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.”