Titan Trust Bank Limited, which barely three years ago won the Central Bank of Nigeria’s (CBN) permit to run within Nigeria, acquired an 89.4 percent stake in Union Bank of Nigeria Plc.
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.