Titan Trust Bank To Acquire Union Bank

A newly found commercial bank, Titan Trust Bank Limited is set to acquire Union Bank of Nigeria Plc, the latter has announced.

The Company Secretary of Union Bank, Somuyiwa Sonubi, disclosed this in a statement on Thursday.

According to him, the Board of Directors of Union Bank has received a notification from Union Global Partners Ltd. (UGPL) – the holder of a majority shareholding in the bank – of the execution of a share sale and purchase agreement between UGPL, some of its other existing shareholders, and Titan Trust Bank Limited (the purchaser) for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the sellers to the purchaser.

Commenting on the transaction, the Chairman, Union Bank, Mrs. Beatrice Hamza Bassey, disclosed that: “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”.