The CEO of Titan Trust Bank (TTB) and former Deputy Governor of the Central Bank of Nigeria (CBN) has taken over Union Bank.
Naija Catapult gathered that the board of Union Bank of Nigeria plc on Thursday made this known to the NGX and security exchange commission.
The Banks investors union global partners limited, Atlas Mara limited and other shareholders reached an agreement with Titan Trust Bank to divest their shareholding in Union Bank to TTB.
The agreement which is subject to regulatory approvals and other financial conditions will upon completion transfer 89.39% of Union Bank issued share capital to TTB as gathered by Naija Catapult.
Tunde Lemo expressed his delight saying the deal will propel the institution to the next level in the Nigerian banking sector.
“The deal represents a unique opportunity to combine union long-standing and leading banking franchise with TTB’s innovation led model which promises to enhance the product and service offering for our combined valued customers”
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 step to ensure a seamless completion of the process following regulatory approvals.
“We are grateful to our current investors whose significant and consequential investment over the past nine years facilitated the transaction 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”
Lemo also added that the take over transaction marks a key step for Titan Trust in it’s strategic growth journey.