JUST IN: Titan Trust Bank completes takeover of Union Bank

Titan Trust Bank Limited (TTB) has brought to closure the deal enabling it to purchase a controlling stake in Nigeria’s second-oldest lender, Union Bank of Nigeria, the latter said Thursday in a regulatory filing, almost half a year after an agreement was reached by both parties.

The lender, backed by a former Central Bank of Nigeria deputy governor, Tunde Lemo, set out to acquire 89.4 per cent interest in Union Bank from a pool of stakes from exiting major investors including British Virgin Islands-based Atlas Mara and Union Global Partners Limited, but later upped the stake to 93.4 per cent.

Even though no mention of it is made in the statement seen by YOMSDIRECT MEDIA, a name change could follow.

“With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank,” the document said.

Titan Trust Bank Limited (TTB) has brought to closure the deal enabling it to purchase a controlling stake in Nigeria’s second-oldest lender, Union Bank of Nigeria, the latter said Thursday in a regulatory filing, almost half a year after an agreement was reached by both parties.

The lender, backed by a former Central Bank of Nigeria deputy governor, Tunde Lemo, set out to acquire 89.4 per cent interest in Union Bank from a pool of stakes from exiting major investors including British Virgin Islands-based Atlas Mara and Union Global Partners Limited, but later upped the stake to 93.4 per cent.

Even though no mention of it is made in the statement seen by YOMSDIRECT MEDIA, a name change could follow.

“With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank,” the document said.

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