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.”
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