By Francis Ajuonuma with agency reports
The management of Union Bank Nigeria PLC yesterday announced that it has surrendered the ownership right of the bank to Titan Trust Bank (TTB) following the decision of its’ investors – Union Global Partners Limited, Atlas Mara Limited and other majority shareholders to divest their shareholding in the bank to TTB.

Union Bank of Nigeria Company Secretary, Somuyiwa Sonubi, who made this known in a statement posted on the Nigerian Exchange Ltd (NGX) website tilted: “Proposed Divestment of Majority Shareholding Interest in Union Bank of Nigeria Plc.” said the board of UBN had received a notification from Union Global Partners Ltd. (UGPL), the holder of majority shareholding in Union Bank of the execution of a Share Sale and Purchase Agreement.

It said the agreement was between UGPL, certain other existing shareholders of Union Bank (as sellers) and Titan Trust Bank Ltd. (as Purchaser) for the sale of an aggregate 89.39 per cent of the issued share capital of Union Bank held by the Sellers, to the Purchaser.

The statement said the completion of the transaction was subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent.

Commenting on the transaction, Chair, Union Bank, 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 steps to ensure 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.”

Chair, Titan Trust Bank, Mr Tunde Lemo, OFR said: “The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its 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 a household name and one of Nigeria’s long-standing and most respected financial institutions.
The Bank has a network of over 280 Sales and Service Centers across Nigeria.

Union Bank declares 25k dividend, N24.65bn profit

Following recapitalisation in 2012 from new investors and a new Executive Management team, Union Bank has undergone an award-winning transformation programme to re-establish the bank as a leading provider of financial services in Nigeria.
Union Bank is focused on Retail, Commercial and Corporate Banking businesses. In addition to standard current and savings product portfolio, Union Bank has launched pioneering products into the Nigerian retail market including UnionKorrect, UnionGoal and UnionBetta.

Titan Trust Bank is the newest national commercial bank in Nigeria. It commenced operation in October 2019 with a strong capital base and has demonstrated precision in the execution of its strategy by showing tremendous growth, even in difficult times.

Titan Trust Bank has received industry-wide recognition, having been named ‘Best Trade Finance Provider in Nigeria’ for 2022 by Global Finance (for the second year running) and ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand’ for 2021 by the Global Brand.