By James Jibril
A former Deputy Governor of the Central Bank of Nigeria and the Chairman of Titan Trust Bank, Tunde Lemo, has stated that his shareholding in Titan Trust Bank Limited is very tiny and insignificant.
Lemo said this on Friday after Titan Trust Bank announced the preceding day that it has reached an agreement to acquire 89.39 per cent stake in Union Bank.
The ex-deputy Governor of CBN also clarified that the major shareholder of Titan Trust Bank is a foreign company, Vinc Corporation. Adding also that he is only providing leadership to the new financial institution.
His statement, “I, however, need to make more clarifications on the ownership structure of Titan. The bank is 85 per cent owned by Vinc Corporation – a foreign company.
“The local shareholders own the balance and shareholding is dispersed. My shareholding is therefore very tiny and insignificant. I am only providing leadership.”
Read Also: Union Bank Bought Over By Titan Trust Bank
Titan Trust Bank limited was granted license to operate as a banking institution in Nigeria barely three (3) years ago.
On Thursday, the board of Union Bank had announced that its major investors, Union Global Partners Limited, Atlas Mara Limited and other shareholders, had reached an agreement with Titan Trust Bank 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 per cent of Union Bank’s issued share capital to TTB,” Union Bank said in a statement.
Lemo, being the Chairman of Titan Trust Bank, was quoted in the statement that the transaction marked a key step for Titan Trust in its strategic growth journey and propelled 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,” he said.
