Union Bank completes sale to Titan Trust Bank

Union Bank completes sale to Titan Trust Bank

•Excludes UBUK from deal

Union Bank of Nigeria (UBN) Plc yesterday, announced it has completed the transfer of its 93.41 per cent share capital to Titan Trust Bank (TTB).

This comes as it also revealed it has completed 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 March 4, 2022, pro rata to their existing shareholding interests in the Company, noting that UBUK was not included in the transaction with TTB.

According to a filing obtained from the Nigerian Exchange Limited (NGX)’s website on Thursday, UBN Plc, said that the transaction which took almost half a year has now been completed and in the spirit of the change of ownership, members of Union Bank’s board have exited the bank.

It said, “Following the bank’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between Union Bank of Nigeria Pic’s (Union Bank) majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the NGX, Securities and Exchange Commission (SEC) and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Bank’s issued share capital to TTB”.

Commenting on behalf of the outgoing Directors, erstwhile Board Chairman, Beatrice Hamza Bassey, said with the completion of the transaction, the current board will hand over the reins of the bank to a new board with Mr. Mudassir Amray as the Chief Executive Officer.

Her words, “The entire Board congratulates the parties on this landmark transaction. 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. The significant investments made over the last ten years by the outgoing investors, along with the vision, astute counsel and direction of our Directors helped us implement the strategic objectives that we set and laid the foundation for this new era of growth for the bank.

I am also grateful for the trust that our minority investors placed in us for managing and running the Bank. I am very proud of all that we accomplished together during a transformative period for the Bank following the significant recapitalization of the Bank by the outgoing investors. 

According to her, Union Bank was reshaped with significant investments in the technological infrastructure, a capable management team, talented and diverse work-force, first-rate governance structure, digitized bank, innovative products and channels to better serve it’s customers,which helped the bank further accelerate financial inclusion.

She thereafter wished the incoming Board of TTB every success for the future while noting that the bank will continue grow from strength to strength in servicing the financing needs of its customers.