Union Bank completes majority shareholding sale to Titan Trust

Union Bank

Titan Trust Bank (TTB) Ltd, a subsidiary of TGI Group, has completed the purchase of majority shareholding of Union Bank.

Union Bank company secretary Somuyiwa Sonubi in a statement on Thursday made available to the Nigerian Exchange Ltd, said Union Bank transferred 93.41per cent of its issued share capital to TTB.

The statement added that the transaction followed Union Bank’s notification in December 2021 of the execution of the SSPA between the bank’s majority shareholders – Union Global Partners Ltd., Atlas Mara Ltd et al and TTB.

“Union Bank, hereby, notifies NGX that with the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank.

“Union Bank, hereby, notifies NGX of the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (“UBUK”), to all the shareholders in the Bank’s records as of March 4, pro rata to their existing shareholding interests in the Bank.

“Consequently, UBUK is not included in the transaction with Titan Trust Bank,” said the statement.

The bank also notified the NGX of the retirement of directors, and the chief executive officer Emeka Okonkwo with effective from June 2.

The statement also announced Mudassir Amray as new CEO, and Farouk Gumel as the bank’s chairman effective June 2.