In a statement seen by Unmaskng.com, it was disclosed therein that Union Global Partners Limited, Atlas Mara Limited, and other existing shareholders agreed to divest 89.39 percent shareholding in Union Bank to‬ TITAN Trust Bank.

“Completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent,” Union Bank told Nigerian Exchange Limited (NGX) in a note on Thursday.

The transaction will soften the ground for Titan Trust to hold the largest equity stake by a single investor in any of the country’s publicly quoted banks.

That implies only a limited portion of Union Bank’s shares will be readily available in the open market when the deal is delivered except a corporate resolution to sell down parts of the newly bought interest happens.

What you should know about TITAN Trust Bank…

Titan Trust Bank came into being on December 12, 2018, and commenced operation as a full commercial national bank following its acquisition of a national banking license from the Central Bank of Nigeria in 2019.

While the bank boasts high-class bankers as members of its management team, it also possesses an enhanced branch network for the best customer experience and service delivery around Nigeria.

According to the bank’s website, the establishment of the bank was borne out of the desire to meet the unfulfilled demands of corporates, SMEs and the retail mass market.

The post What You Should Know About TITAN Trust Bank, Union Bank’s New Owner appeared first on Business News in Nigeria.

Justice Winifred Effiong of a High Court of Akwa Ibom, sitting in Uyo, the state capital, found Union Bank guilty of the breach of agreement allegation brought before it by some customers of the financial institution.

The customers – God’swill Augustine Inyang and Asuquo Thomson Nkana, had accused the bank of failing to register them on its customers’ list after applying to open accounts.

The fraud story

It all started when the duo when the duo asked their lawyers to seek redress in court, to demand for general damages from the bank.

Speaking on the matter, a Lagos-based lawyer and human rights activist, Inibehe Effiong, whose law firm represented the claimants, stressed that the ruling will serve as a lesson and shun greediness in the corporate world.

He said: “This is another testament to the sacred role of the judiciary as the last hope of the common man. I hope Union Bank and other financial institutions will realize that they cannot do whatever they like with depositors’ funds. The learned judge has elevated justice and remedied the injustice done to the claimants.”

Union Bank’s overboard action

It is an open secret that fraud is a challenge that has since been plaguing the banking sector on a global scale. In recent times, fraudulent activities have been on the rise, as bank like Union Bank align itself to be part of the machineries carrying out fraud at the detriment of bank customers, and sometimes the financial institution itself.

The post Union Bank Ordered to pay N5.5m For Damages Over Breach Of Contract appeared first on Business News in Nigeria.