By our Reporter
Titan Trust Bank will be taking over Union bank,Sparklight News has learnt.
Titan Trust Bank Limited established few years to run in Nigeria with the central bank’s is acquiring 89.4 per cent stake in Union Bank of Nigeria Plc which signifies taking over of the Old bank.
According to the available record “Completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent,” Union Bank told Nigerian Exchange Limited explained on Thursday.
The transaction will soften the ground for Titan Trust to hold the largest equity stake by a single investor in any of the country’s publicly quoted banks.
That implies only a limited portion of Union Bank’s shares will be readily available in the open market when the deal is delivered except a corporate resolution to sell down parts of the newly bought interest happens.
Titan Trust has been operating in obscurity since inception, with a few branches, recording N2.9 billion in after-tax profit for 2020 compared to Union Bank’s N18.8 billion and an asset value of N136.3 billion, relative to the latter’s N2.2 trillion.
According to Tunde Lemo,Titans Trust Bank Chair and former deputy Governor of Central Bank of Nigeria said, “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”.