Titan Trust Bank Completes Takeover Of Union Bank

Titan Trust Bank completes takeover of Union Bank<br><br><blockquote>With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank.&quot;<br><br>Titan Trust Bank Limited has brought to closure the deal enabling it to purchase a controlling stake in Nigerias second-oldest lender, Union Bank of Nigeria, the latter said Thursday in a regulatory filing,almost half a year after an agreementwas reached by both parties.<br><br>The lender, backed by a former Central Bank of Nigeria deputy governor, Tunde Lemo, set out to acquire 89.4 per cent interest in Union Bank from a pool of stakes from exiting major investors including British Virgin Islands-based Atlas Mara and Union Global Partners Limited, but later upped the stake to 93.4 per cent.<br><br>Even though no mention of it is made in the statement seen by PREMIUM TIMES, a name change could follow.<br><br>With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank, the document said.<br><br>The ownership transfer excludes Union Bank UK, a subsidiary of Union Bank of Nigeria, which also has been sold off, with the proceeds of divestment to all the shareholders of the latter as of March 4, 2022.<br><br>In the spirit of the change of ownership, the members of Union Banks board have exited the bank.</blockquote><br><a rel=ugc href="https://www.premiumtimesng.com/news/headlines/534317-just-in-titan-trust-bank-completes-takeover-of-union-bank.html">https://www.premiumtimesng.com/news/headlines/534317-just-in-titan-trust-bank-completes-takeover-of-union-bank.html</a>
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