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Titan Trust Bank Acquires Union Bank

“This is a solid foundation for our incoming investors to build on as we move into a new era for the bank.”

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Titan Trust Bank Limited (TTB), one of the fastest-growing and customer-centric financial service providers in Nigeria, has acquired Union Bank of Nigeria Plc.

This followed an agreement by Union Global Partners Limited, Atlas Mara Limited and other majority shareholders to divest 88.39 per cent shareholding in Union Bank to Titan Trust Bank.

The board of Union Bank of Nigeria Plc in a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission on Thursday, explained that the agreement, which is  subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 percent of Union Bank’s issued share capital to Titan Trust Bank.

Commenting on the transaction, the Chairman, 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 a seamless completion of the process following regulatory approvals.

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“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.”

According to the chairman, Titan Trust Bank, Mr. Tunde Lemo, OFR: “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.

“The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.” He said.

Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo noted: “This transaction marks a significant milestone in the journey of our 104-year old Bank. Whilst thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new core investor, TTB. We recognize the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.

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On his part, Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray said: “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share. UBN’s widespread presence, state of the art technology platform, quality staff and strong brand loyalty fits well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”

According to the statement, Rothschild & Cie acted as financial adviser and White & Case LLP and Banwo & Ighodalo acted as legal advisers respectively, to the selling shareholders of Union Bank, while Citigroup Global Markets Limited also acted as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. acted as legal advisers respectively to TTB.

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 is focused on Retail, Commercial and Corporate Banking businesses.

Titan Trust Bank is one of the newest national commercial banks in Nigeria.

The lender commenced operation in October 2019 with a strong capital base and has demonstrated precision in execution of its strategy by showing tremendous growth, even in difficult times.

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In just two years of existence, the bank has grown to earn the confidence of the banking public, offering quality banking services at a cutting-edge technology that enables its customers to enjoy banking services through a wide range of channels.

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

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Suspected kidnappers abducts 10 travellers in Ondo

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Ondo

No fewer than 10 passengers have been abducted by gunmen along the Owo-Benin highway in Ose Local Government Area of Ondo State.

The gunmen reportedly attacked the commercial bus the passengers were travelling in after which they were marched into the bush.

It was gathered that the passengers were on their way from Akwa Ibom to Akure when the incident happened.

One of the sources, who craved anonymity, disclosed that the driver of the space bus had initially thought that the gunmen were security operatives but realised that they were criminals when they shot sporadically into the air.

” They were kidnapped on the Owo-Ipele road on Saturday morning at about 12 am. Their vehicles were stopped, and they were dragged into the bush to an unknown destination.

“The hoodlums ambushed them and whisked all the occupants of the vehicle into the bush. All the occupants of the vehicle were abducted and nobody heard anything about them since then.

However, the police image maker in the state, Funmilayo Odunlami, however, stated only seven people were kidnapped.

“The police received information that a vehicle was attacked along the Owo/Ifon road, and seven people were suspected to have been abducted.

“Seven travellers were involved; they were coming from Akwa Ibom State in a commercial bus. Our men are already making efforts to rescue the victims from the kidnappers and arrest the perpetrators.”

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Banditry: End insecurity by 2025 ending – Tinubu gives military marching orders

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President Bola Tinubu has issued marching orders to the military to end banditry and general insecurity by the end of 2025.

This was disclosed by the Minister of Defence, Abubakar Badaru, in a viral video.

Following Tinubu’s order, Badaru said the military will continue its onslaught against bandits and all forms of criminalities.

The Minister said bandits are currently on the run and that the military won’t stop until they are all flushed out.

According to Badaru: “The bandits are now on the run, but the military will not rest until we end this thing. The president has given us marching orders to end insecurity in every part of our country by the end of this year.

“The Chief of Defence Staff, NSA are working day and night to actualize that target, as you have seen we are putting pressure on all the theatre operations.

“And indeed, mining activities have been lifted in Zamfara already and this is part of the reason we are meeting today to look at all areas where we have serious security issues and how best we can secure those areas.”

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50% telecom tariff hike: NATCOMS backs decision as NLC bows to FG’s pressure

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The Nigeria Labour Congress bowed to pressure to halt its planned Tuesday nationwide protest against the 50 percent telecommunication tariff hike.

Also, the National Association of Telecoms Subscribers backed the decision by the organized Labour.

Gatekeeper reports that the NLC signed a Memorandum of Understanding with the Federal Government after a meeting with the Secretary to the Government of the Federation on Monday night.

In the MoU signed by the SGF, Senator George Akume, NLC president Joe Ajaero, and the Minister of Labour and Employment, Muhammadu Dingyadi, and the National Secretary of NLC, Emmanuel Ugboaja, both parties agreed to set up a technical committee to resolve gray areas in the 50 percent telecom tariff approval.

However, NLC reiterated its rejection of the tariff hike.

“Arising from the meeting convened by the Federal Government of Nigeria on the proposed 50% hike in telecommunications tariffs in the country, which the Nigeria Labour Congress (NLC) expressed strong opposition to, citing its potential negative impact on the Nigerian workers and the economy with a threat to proceed on a one-day nationwide mass protest, the following resolutions were reached: That there is a need for the parties to sit together in a technical group to resolve most of the thorny areas raised during the discussion; consequently, a 10-man joint committee was set up of five (5) representatives each from the Federal Government and the Nigeria Labour Congress (NLC); and the committee shall conclude and submit its deliberations within two (2) weeks from this 3rd day of February, 2025.

“The parties call on the Nigerian people to remain calm while this committee concludes its assignment,” the communique after the meeting stated.

Earlier, a civic society organisation known as the National Civil Society Council of Nigeria, NCSCN, had announced the suspension of its planned protest against the 50 percent tariff hike.

Recall that last week, NLC announced Tuesday, 4th February, 2025, as a date for a one-day mass protest against the telecom tariff hike.

In a notice last Thursday by NLC National Secretary, Emmanuel Ugboaja, the union had already asked the state congress and affiliate union to mobilise for Tuesday’s mass protest.

This comes after the Nigerian Communications Commission on January 2025 approved a 50 percent telecommunications tariff hike for operators.

The approval has sparked tariff hike controversy in Nigeria’s telecom sector.

NLC and other telecom subscribers had opposed the tariff implementation, citing the persistent economic hardship Nigerians already face.

Subscribers back nationwide protest suspension.

 

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