One of Nigeria’s newest commercial banks, Titan Trust Bank Limited is set to take over Union Bank of Nigeria Plc, the latter has announced.
The Company Secretary of Union Bank, Somuyiwa Sonubi, disclosed this in a statement on Thursday.
According to him, the Board of Directors of Union Bank has received a notification from Union Global Partners Ltd. (UGPL) – the holder of a majority shareholding in the bank – of the execution of a share sale and purchase agreement between UGPL, some of its other existing shareholders, and Titan Trust Bank Limited (the 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 completion of the transaction is, however, subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent.
Bassey believes the bank is well-positioned with an innovative product offering, a growing customer base of over six million, and consistent year on year profitability.
She described such attributes as a solid foundation for incoming investors to build on as the bank advances into a new era.
For the Chairman of Titan Trust Bank, Mr. Tunde Lemo, the bank and its key stakeholders are delighted as the transaction marks a major step in the bank’s strategic growth journey and propels the institution to the next level in the Nigerian banking sector.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is one of Nigeria’s long-standing financial institutions.
While it has a network of over 280 sales and service centres across the country, Titan Trust Bank began operation in October 2019.