Union Succumbs To Titan After 100 Years

By Fola James

Titan Trust Bank Limited, TTB has taken over Union Bank Plc after an agreement with Union Global Partners Limited and Atlas Mara Limited, the former owners of one of Nigeria’s oldest banks.. According to a notice to the Nigeria Exchange Limited, NGX on Thursday, the Board of Union bank said it has transferred 89. 39 per cent its shares capital to the new owners, TTB.  Union Bank, formerly Barclays Bank was founded in 1917.

The acquisition, Union management said is subject to various regulatory approvals.

Speaking on the acquisition, Beatruce Hamza Bassey, the chairman Union Bank Board of Directors said the Merger and Acquisition, M&A process have been concluded by all parties, only awaiting regulatory approval.

She said it took the serious efforts of all parties involved in the merger talks 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.

“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.

Also speaking Tunde Lemo, the Chairman of TTB and a former Central Bank Deputy Governor said the merger between the two financial institutions is a defining moment for Nigeria’s banking sector.

According to him, “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, “ Lemo said.

On his part, the Chief Executive Officer, Titan Trust Bank, Mudassir Amray said TTB will leverage on Union Bank’s cutting edge technology, brand loyalty and dedicated staff to deliver superior banking services to customers.

“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,” he said.

The magazine learnt that Rothschild & Cie acted as financial adviser and White & Case LLP and Banwo & Ighodalo acted as legal advisers in the acquisition transaction.