Titan Trust Bank Limited, the Nigerian lender has acquired the shares of Atlas Mara Limited after acquiring Union Bank Plc to cement its planned expansion across Africa after stabilising its operations in Nigeria The Trumpet gathered.
Chief Executive Officer, Mudassir Amray, maintained that the initial plan for the first two years after the acquisition was to focus on key industries such as agriculture and big companies for transactions and later consider expansion in Africa, as well as diversify across general financial services.
“Acquisition of Union Bank gives Titan Trust the scope to do bigger deals because it lift firm’s regulator-imposed lending limit by creating Nigeria’s sixth biggest bank,” he said.
It would be recalled that Union Bank’s total assets rose by 19 per cent to N2.6 trillion in 2021, while Titan Trust total assets hit N136 billion in 2020.
In 2021, Titan Trust signed the agreement with Atlas Mara, Union Global Partners Limited and other shareholders to acquire 89.39 per cent of Union Bank’s shares, subject to regulatory approval and other financial conditions.
“It is looking to obtain regulatory approval this month after which it will close the transaction,” Amray said.