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Union Bank taken over by Titan Trust Bank

A takeover of one of Nigeria’s oldest banks, Union Bank was on Thursday announced by Titan Trust Bank.

Titan Trust Bank Limited, which commenced operations in October 2019, is buying 89.39 per cent of the issued capital of Union Bank, both companies announced today.

According to the financial institutions, “The Board of Directors of Union Bank of Nigeria Plc (“Union Bank”) today announced that it has received a notification from Union Global Partners Ltd. (“UGPL”, the holder of majority shareholding in Union Bank) of the execution of a Share Sale and Purchase Agreement between UGPL, certain other existing shareholders of Union Bank (as Sellers) and Titan Trust Bank Limited (as Purchaser) for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the Sellers, to the Purchaser (“the Transaction”),” they announced.

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