Titan Trust Bank Set To Rebrand Union Bank

By Tosin Olatokunbo

Fate Of Union Bank Workers Unknown

Tunde Lemo-led Titan Bank Limited has finally taken over Union Bank of Nigeria Plc, one of Nigeria’s oldest bank after both parties settled for a deal worth N191 billion. The acquisition capital , the magazine learnt, has now been fully  paid, paving the way for TTB to bring UBN under its total control.

The magazine learnt that, how to handle the workers inherited from UBN Plc and rebranding of the old entities in line with the vision of the new owners,  formed the thorny points of negotiations between the parties in the last seven months. It is not yet clear whether the parties have now resolved to rebrand UBN branches to TTB.

“All the major issues have been resolve, including how to move on with the staff of UBN that have been inherited. The new management  is working presently to handle the rebranding issue,”  a source privy to the deal told The Source on Tuesday. Sources however failed to confirm rumour that the TTB management has agreed to lay off workers from UBN in lined with the Bank’s quest for a trimmed work force.

Approximately, UBN Plc has over 2,700 employees and a network of over 320 across the country.

Last December, the parties agreed for Titan Bank, a barely three year old commercial bank in the country, with Lemo as the major promoter, to take over UBN plc by acquiring 89 per cent of its shares.

Industry watchers had described the acquisition as one the major upsets in the banking sector in recent times, similar to the acquisition of Intercontinental Bank Plc and Diamond Bank by Aceess Bank Plc, Nigeria’s biggest bank.

Lemo, a former Managing Director of Wema Bank Plc described the aquisition as “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. ”

About Titan Bank

The bank has seven directors with Tunde Lemo as Chairman; Mudassir Amray Managing Director/ chief executive office, Andy Ojei (Non-Executive Director), Abubakar Mohammed (Independent non-Executitive Director), Mackombo Chukwudi Lawrence Omoile (Independent non-Executive Director), and Dr. Adaeze Udensi (Executive Director).

The management comprises of Amray, Dr. Udensi, Ademola Ajayi (Head of Compliance). Stella Nwihim (Head of Human Resources), Mark Oguh (Chief Financial Officer). Chineyeoke Uga (Chief Risk Officer), Uche Ugboh (Treasurer)a and Dr. Adaeze.