Titan Trust Bank Limited (TTB) has completed the deal to enabling it purchase a controlling stake in Nigeria\u2019s 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.<\/p>\n
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.<\/p>\n
Even though no mention of it is made in the statement, a name change could follow.<\/p>\n
\u201cWith the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank,\u201d the document said.<\/p>\n
The ownership transfer excludes Union Bank UK, a subsidiary of Union Bank of Nigeria, which also has been sold off, with the proceeds of divestment to all the shareholders of the latter as of March 4, 2022.<\/p>\n
In the spirit of the change of ownership, the members of Union Bank\u2019s board have exited the bank.<\/p>\n","protected":false},"excerpt":{"rendered":"
Titan Trust Bank Limited (TTB) has completed the deal to enabling it purchase a controlling stake in Nigeria\u2019s 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 […]<\/p>\n","protected":false},"author":13,"featured_media":192841,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[3582,39131,39130,25766],"class_list":["post-192838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","tag-tgi-group","tag-titan-trust-bank","tag-union-bank"],"yoast_head":"\n