• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
Sunday, July 3, 2022
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News Business

2-year-old Titan Trust Pays N191bn, Completes Union Bank Acquisition

by Olushola Bello
1 month ago
in Business
0
Titan
Share on WhatsAppShare on FacebookShare on TwitterTelegram

Titan Trust Bank, yesterday, formalised and acquired 89 per cent of Union Bank of Nigeria (UBN) Plc in an off-market deal worth N191 billion.

Capital market analysts noted that, “the acquisition stands as the biggest in recent years, dwarfing the N120 billion Crown Mills paid to acquire Dangote Flour Mills and the N91 billion NIPCO paid for a majority share in Mobil Nigeria. Also, this is the biggest deal in the banking space since the N72 billion merger between Access Bank and Diamond Bank Plc.”

Titan Trust Bank’s deal yesterday bloated the entire stock market trade metrics, as volume traded came in at 27.565 billion units, while traded value settled at N194.356 billion.

Recall that in December, 2021, the board of UBN announced that its investors, Union Global Partners Limited, Atlas Mara Limited and other shareholders, have reached an agreement with Titan Trust Bank Limited to divest their shareholding in Union Bank to TTB.

Titan Trust Bank, the newest national commercial bank in Nigeria, commenced operation in October 2019, according to a statement announcing the deal.

“The agreement, which is subject to regulatory approvals and other financial conditions, will upon completion, transfer 89.39 per cent of Union Bank’s issued share capital to TTB,” it said.

RELATED

Unilever Nigeria, SupplierGATEWAY Partner To Empower Female, Disability Business Owners

Unilever Nigeria, SupplierGATEWAY Partner To Empower Female, Disability Business Owners

5 hours ago
$12.5m Calabar Port Dredging Contract: NPA Begins Out-of-court Settlement

$12.5m Calabar Port Dredging Contract: NPA Begins Out-of-court Settlement

10 hours ago

Speaking on the transaction, the chair, Union Bank, Mrs Beatrice Bassey, said, “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.

“Today, the bank is well-positioned with an innovative product offering, a growing customer base of over six million and consistent year on year profitability.”

a solid foundation for our incoming investors to build on as we move into a new era for the bank.”

Also, the chair, Titan Trust Bank, Mr Tunde Lemo, said the transaction marked a key step for Titan Trust in its strategic growth journey and propelled 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,” he added.

The chief executive officer, Union Bank, Mr Emeka Okonkwo, said: “this transaction marks a significant milestone in the journey of our 104-year-old bank. While thanking our current investors for their unwavering commitment to the bank over the years, we welcome our new core investor, TTB.

“We recognise the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.”

 

SendShareTweetShare
ADVERTISEMENT
Previous Post

Stanbic IBTC Holdings’ Shareholders Approve N25.914bn Dividend

Next Post

‘Tradefada To Aid Cryptocurrencies Adoption On Mobile Devices’

ANOTHER GOOD READ

Unilever Nigeria, SupplierGATEWAY Partner To Empower Female, Disability Business Owners
Business

Unilever Nigeria, SupplierGATEWAY Partner To Empower Female, Disability Business Owners

5 hours ago
$12.5m Calabar Port Dredging Contract: NPA Begins Out-of-court Settlement
Business

$12.5m Calabar Port Dredging Contract: NPA Begins Out-of-court Settlement

10 hours ago
oil tefth
Business

Stakeholders Seek Ways To Tackle Crude Oil Theft

10 hours ago
airtel
Business

Airtel Africa Launches Smartcash To Boost Financial Inclusion

10 hours ago
Industries That Look Set to Grow Across Africa – Expert
Business

2022 World PR Day: Practitioners To Present Unified Global Agenda

10 hours ago
Buhari Welcomes Berthing Of First Ship At Lekki Deep Seaport
Business

Buhari Welcomes Berthing Of First Ship At Lekki Deep Seaport

1 day ago
Next Post
‘Tradefada To Aid Cryptocurrencies Adoption On Mobile Devices’

‘Tradefada To Aid Cryptocurrencies Adoption On Mobile Devices’

LATEST UPDATES

At UN Ocean Conference, Nigeria Highlights Efforts To Tackle Plastic Pollution

At UN Ocean Conference, Nigeria Highlights Efforts To Tackle Plastic Pollution

July 3, 2022
P

CVR: NGO Seeks PVC Registration Centre In All Polling Units, Hails INEC Over BVAS

July 3, 2022
 ICWWA Seeks Enforcement Of Anti Discriminatory Laws, Integrate PWD’s

 ICWWA Seeks Enforcement Of Anti Discriminatory Laws, Integrate PWD’s

July 3, 2022
Atiku

2023: As Former PDP Reps Members Mobilise For Atiku/ Okowa

July 3, 2022
senate

On NASS Plans To Amend Electoral Act Again

July 3, 2022
Fuel Subsidy

Focus On The Green Chamber : National Water Resources Bill And The Mirage Of Power Devolution

July 3, 2022
Lions Clubs To Spend N200 Million On Cancer Treatment Support At LUTH

Lions Clubs To Spend N200 Million On Cancer Treatment Support At LUTH

July 3, 2022
Unilever Nigeria, SupplierGATEWAY Partner To Empower Female, Disability Business Owners

Unilever Nigeria, SupplierGATEWAY Partner To Empower Female, Disability Business Owners

July 3, 2022

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.