Following Union Bank of Nigeria Plc’s notification in December 2021 of execution of Share Sale and Purchase Agreement (SSPA) between its majority shareholders Union Global Partners Limited, Atlas Mara Limited and others, Titan Trust Bank Limited (TTB) has completed the takeover process.
It also confirmed the receipt of all necessary regulatory approvals, just as Union Bank had notified the Nigeria Stock Exchange (NGX), the Securities and Exchange Com- mission (SEC) and members of the public of the completion of transaction under the SSPA, which effectively transferred 93.41 per cent share capital to TTB.
Union Bank has also notified the NGX that with the completion of the transaction, TGI Group, parent company of TTB now becomes the majority shareholder in Union Bank. The bank further said the completion of divestment of the bank’s shareholding in its record as of March 4, 2022 pro rata to its existing shareholding interest in the financial institution.
Consequently, Union Bank United Kingdom (UKBK) was not included in the transaction with Titan Trust Bank. Also, Union bank notified the NGX of the resignation and retirement of directors from the board of Union Bank including the Chairman, Mrs. Beatrice Hamza Basset; non-Executive Director, Emeka Okonkwo.
Others are non-Executive Direc- tor, Mrs. Obafunke Alade-Adeyefa; Independent non-Executive Direc- tor; Richard Burret, non-executive directors, Ian Clyne; Kenroy Dowers; Paul Kokoricha and Emeka Ogbechie, among others.
Speaking on behalf of the outgoing directors, Basset, said: “We have recorded a significant milestone with the completion of the transaction after regulatory approval of the announcement in December between the bank’s core shareholders and Titan Trust Bank.
“As is normal for transactions of this nature, the board and Chief Executive Officer (CEO), Emeka Okonkwo, has retired and handed over management of the bank to a new board with Mudasir Amray as Chief Executive Officer (CEO). The board congratulates the parties on the landmark transaction.”