Why 2-yr old titan bank takes over 104-yr old union bank

Why 2-yr old titan bank takes over 104-yr old union bank

 

Mr Mudassir Amray, the CEO of Titan Trust Bank has disclosed UBN’s widespread presence as one of the reasons for the taken over of Union bank – second oldest bank in Nigeria.

Amray further stated that the bank’s 280 sales and service centres across the country, its technically enhanced platform, coupled with the quality staff had attracted Titan bank.

UBN’s widespread presence, state-of-the-art technology platform, quality staff, and strong brand loyalty fits well with our synchronised modular strategy.

We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.

In the same vein, the Chairman of Titan Trust Bank, Mr. Tunde Lemo stated that the bank and its key stakeholders are delighted as the transaction marks a major step in the bank’s strategic growth journey and propels the institution to the next level in the Nigerian banking sector.

The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers”, Lemon stated.

RazorTimes recall that it was the Company Secretary of Union Bank, Somuyiwa Sonubi, who disclosed the development in a statement on Thursday.

According to him, the Board of Directors of Union Bank has received a notification from Union Global Partners Ltd. (UGPL) – the holder of a majority shareholding in the bank – of the execution of a share sale and purchase agreement between UGPL, some of its other existing shareholders, and Titan Trust Bank Limited (the purchaser) for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the sellers to the purchaser.

He pointed out that the completion of the transaction is, however, subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent.

Felicitating the shareholders, Mrs. Beatrice Bassey who is Chairperson of Union Bank on behalf of the Board congratulated the parties involved.

On behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the board looks forward to supporting the next steps to ensure a seamless completion of the process following regulatory approvals.

We are grateful to our current investors whose significant and consequential investments over the past nine years facilitated the transformation of Union Bank, one of Nigeria’s oldest and storied institutions”.

Leave a Reply

Your email address will not be published. Required fields are marked *