Chairman Titan Trust Bank, Mr. Tunde Lemo
Union Bank Nigeria Plc announced it has reached an agreement to sell a majority stake to Titan Trust Bank Ltd. This is according to a press release published on the Nigerian Stock Exchange. Titan Trust Bank is chaired by former Deputy Governor of the CBN and Chairman of Flutterwave, Tunde Lemo.
The deal will see existing core investors in Union Bank, Union Global Partners Ltd (64.98%), Atlas Mara (25.53%) and other shareholders divest their core holdings totalling 89.39% in Union Bank to Titan Trust Bank. The bank did not comment on the purchase consideration.
The deal will see existing core investors in Union Bank, Union Global Partners Ltd (64.98%), Atlas Mara (25.53%) and other shareholders divest their core holdings totalling 89.39% in Union Bank to Titan Trust Bank. The bank did not comment on the purchase consideration.
The deal suggests a merely 2 years old bank (Titan commenced operations in October 2019) will be acquiring a 104-year-old bank. The deal, when consummated will be one of the most remarkable acquisitions in the Nigerian Banking space after STB acquired UBA in the landmark 2005 deal.