'New chapter' Titan Bank secures majority share in Union Bank

The agreement, which is subject to regulatory approvals and other financial conditions, will transfer 89.39 per cent of Union Bank’s issued share capital to TTB, according to a notification by Union Bank to the Nigerian Exchange Limited (NGX) on Thursday.

Chair of Union Bank Beatrice Hamza Bassey, on‭ behalf ‭of‭ the board, ‭congratulated all the parties involved ‭in‭ reaching that phase ‬‬‬‬‬‬‬‬of‭ the transaction, saying that ‬the board looked 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.”

Chief Executive Officer of Union Bank 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 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.”