The Board of Union Bank of Nigeria Plc (Union Bank) notified the NGX and Securities Exchange Commission that its investors Union Global Partners Limited, Atlas Mara Limited and other shareholders have reached an agreement with Titan Trust Bank Limited (TTB) to divest their shareholding in Union Bank to TTB. The agreement, which is subject to regulatory approvals and other financial conditions, will upon completion transfer 89.39% of Union Bank's issued share capital to TTB.

Commenting on the transaction:

Chair, Union Bank, Mrs. Beatrice Hamza Bassey said:

"On behalf of the Board, we congratulate all the parties involved 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".

Chair, Titan Trust Bank, Mr. Tunde Lemo, OFR said:

"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".

Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo said:

"This transaction marks a significant milestone in the journey of our 104-year old Bank. Whilst thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new core investor, TTB. We recognize the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank".

Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray said:

"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".

Rothschild & Cie acted as financial adviser and White & Case LLP and Banwo & Ighodalo acted as legal advisers respectively, to the selling shareholders of Union Bank.

Citigroup Global Markets Limited acted as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. acted as legal advisers respectively to TTB.

SOURCE: https://www.proshareng.com/news/Mergers---Acquisitions/Titan-Trust-Bank-Takes-Over-Union-Bank,-/60587

The third transfer of ownership in 10years. Something really is amiss.

This is by far Nigeria's biggest bank by asset but liquidity issues continues to be their albatross.

Modification

Accessbank today holds the position of Nigeria's biggest bank by asset.

In other news, there is a need for the new management as a matter of urgent importance to show leadership in driving innovative solutions that can push sales through the various customer segments with particular emphasis on the youth segment of the market.

This would require a conscious rebranding in its operations, communications and marketing business units, supported by a robust IT infrastructure to handle the demands of today's banking needs.

There is still a viable banking customer base in Nigeria. The unbanked in semi-urban and rural areas and the large cache of disgruntled customers of most of the banks are potent prospects the bank can leverage.

The bank needs to grow and sustain its ability to generate liquidity as no amount of foreign capital inflow would sustain it for long, if it is not carving it's share of the market.

Just my two cents wey no body ask me.

I will not allow Access Bank to kill me with debits, transferring assets to Piggybank soon.

Big ups to the management of Titan Trust Bank, that’s an unexpected master stroke from them.

Congratulations fellow alumni @AdaUdensi and the super team of Titan!
You guys please do more to ensure the tide is changed in Union bank, a lot of severe acculturation and brand polishing to be done with everything that has to do with Union! Retire those that needs to go! The old self must give way for the new Titan!

I see Titan bank challenging the big industry players very soon, Zenith, GTBank, Globus Bank and the likes.

Congratulations once more to Titan.

Cheers to more work!

Access v Diamond part 2

Age is nothing but a number....the older banks seem to suffer from poor corporate governance and accumulation of toxic debts over the last couple of years. Union Bank was hit by poor management and the 30bn collateral-free loan facility given to Ololo who was manipulating the stock exchange during that period. It's a wonder how they remained standing after Sanusi flushed away the defaulting CEOs at that time.

https://www.nairaland.com/326159/peter-ololo-biggest-bank-debtor

First Bank should take note.

How much does the masses have that they would try commenting on this thread?







Nairalanders will skip this thread like leprosy

Buhari, not again.

Ok

Like seriously? Well, if our money is safe no wahala.

No wonder they didn't wish me happy birthday this year. Only dem no send me happy birthday message this year, maybe dem don exhaust their airtime ni

Lizard swallow crocodile.
Soon LAPO will take over CBN in this country

I listened to one Fr. Mbaka message some years ago on how the bank will get problem.

Do anyone remember?

Any day wey I go break my Kolo, the next day I dey go take over Access Bank,

They want to kill my inner man with unexplained debit...

Pharaoh4rin:


If you think access bank is billing you, try zenith

abeg i no dey try anything,,,, Access Bank is killing my inner man, so you want Zenith to kill my outer man as well......No thank you...At least make one of those men still remain...

Chai

This will make TTB more popular as many people are not aware of their existence.

Buhari is affecting the major financial institutions too. Please, how many days remain for Buhari to finally leave Abuja?

Hia! Titan trust Kwa?

Saw it coming

So las las Union Bank is no longer "Big, Strong and Reliable".
Nigerian banks are just unreliable...

Buhari use this bank scam people that 2015 too.

Union Bank.

Big, strong reliable..

Wetin come happen

Let them wait o

I thought that union bank will never be sold

With this, it's possible First Bank will likely be sold in the future

Tunde Lemo... Former CBN big boy.

Another Heritage bank arrangement

lol

mocipe:
This will make TTB more popular as many people are not aware of their existence.

Lol. Someone like me. Honestly, I am just learning about them here.

Titan abi titanic bank, hope it won't sink our money, na that one concern me and make dem no come dey call us say make we come update our account.

Chai, so Union Bank want to go the way of Oceanic bank, Bank PHB, Intercontinental bank just to mention a few. To be sincere, no bank is strong in this country. I remember how these liquidated banks used to flex then. Gone are the days o

jidamsel43:
Buhari is affecting the major financial institutions too. Please, how many days remain for Buhari to finally leave Abuja?

Union Bank's problems predate the mannequin's arrival in Aso rock

Like since 2009

Tunde Lemo. Former deputy Governor of CBN.
It's alright. The hustle continues.

Truly, things fall apart.

*****
May we never be unfortunate