Union Bank plc in a statement has made known the completion of the acquisition by the Titan Trust Bank.
Union Bank announced to the Nigerian Exchange Group, Securities & Exchange Commission, and members of the public that the bank has completed the transfers of 93.41% of Union Bank’s issued share capital to Titan Trust Bank.
The process of this acquisition started in December 2021 and with the approval of relevant bodies, the Titan Trust Bank has now become the majority shareholder and core investor in Union Bank.
“Union Bank hereby notifies the NGX of the completion of the divestment of the bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (“UBUK”), to all the shareholders on the company’s records as of 4th March 2022, pro-rata to their existing shareholding interests in the company.”
The Bank also announced the resignation and retirement of the board of directors of Union Bank including the chief executive officer, the chairman, and nine other directors. The directors include Mr. Emeka Okonkwo, CEO of Union Bank. Chair/Non-Executive Director, Mrs. Beatrice Bassey, Independent Non-Executive Director, Mrs. Obafunke Alade-Adeyefa; Non-Executive Directors, Mr. Richard Burrett, Mr. Ian Clyne, Mr. Kenroy, Mr. Paul Kokoricha, Mr. Taimoor Labib, Mr. Mark Patterson, and Mr. Emeka Ogbechie
Titan Trust Bank’s Managing Director, Mr. Mudassir Amray, has however taken over as the new CEO and TGI’s Executive Director Farouk Gumel was appointed the new Chairman.
In her parting speech, the former chairman, Hamza Bassey said the completion of the transaction was a significant milestone between UBN’s core shareholders and TTB.
“It has been a privilege and honor to have chaired and served on the board that oversaw the preservation and transformation of one of Nigeria’s most iconic institutions… We wish Titan Trust Bank, the incoming board of directors, and Mr. Amray every success for the future and look forward to seeing the bank continue from strength to strength in servicing the financing needs of our customers,” She said.
The Union Bank of Nigeria is one of Nigeria’s first generation banks as it is the second oldest bank in the country. Union Bank is a commercial bank for individuals, small and medium-sized companies, as well as large corporations and organizations that have been operating in the country since 1971. It was listed as the 556th largest bank in the world and the largest bank in Africa in July 2009.
