Business

Titan Trust Bank set to take over Union Bank

By JOHNMARK UKOKO

Strong indications emerged during the week that Titan Trust Bank (TTB) is set to fully take over Union Bank of Nigeria (UBN) as it closed the deal that will enable it to acquire majority shareholding in Union Bank.

This was revealed through regulatory filings sighted by The Trumpet on Thursday, June 2, 2022, in Lagos.

In a regulatory filing, almost half a year after an agreement was reached by both parties, the lender, backed by a former Deputy Governor of the Central Bank of Nigeria (CBN), 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.

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It was learnt Titan Bank later increased the stake to 93.4 per cent, even as it failed to mention this fact in a statement it issued during the week.

A document sighted by The Trumpet further revealed that a name change could follow and “with the completion of the transaction, TGI Group, the parent company of TTB, will now become the majority shareholder and core investor in Union Bank.”

However, the ownership transfer excluded Union Bank UK, a subsidiary of Union Bank of Nigeria, which also has been sold, with the proceeds of divestment to all the shareholders as of March 4, 2022.

It was also learnt that in the spirit of the change of ownership, most members of Union Bank’s board and some top executives have exited the bank.

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