Nigeria: Titan Trust Bank Completes 89.39% Equity Acquisition in Union Bank

Titan Trust Bank Limited (TTB) has completed the acquisition of majority equity stake of 89.39% in Union Bank of Nigeria (UBN) Plc, effectively becoming the controlling investor in Nigeria’s second oldest bank.

Union Bank, Nigeria’s second-oldest lender, now has Titan Trust Bank as the majority equity holder.

The acquisition was completed almost half a year after an agreement was reached by both parties, according to PremiumTimes report, quoting a letter in a regulatory filing.

The lender, backed by a former Central Bank of Nigeria deputy governor, Tunde Lemo, set out to acquire 89.4 per cent interest in Union Bank from a pool of stakes from exiting major investors including British Virgin Islands-based Atlas Mara and Union Global Partners Limited, but later upped the stake to 93.4 per cent.

The statement reads:

“With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank,” the document said.

The ownership transfer to Titian Trust Bank excludes Union Bank UK, a subsidiary of Union Bank of Nigeria, which also has been sold off, with the proceeds of divestment to all the shareholders of the latter as of March 4, 2022.

In the spirit of the change of ownership, the members of Union Bank’s board have exited the bank.