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Titan Trust Bank takes over Union Bank

Titan Trust Bank has announced a takeover of one of Nigeria’s oldest banks, Union Bank.

Titan Trust Bank Limited, one of Nigeria’s newest commercial banks, which commenced operations in October 2019, is buying 89.39 per cent of the issued capital of Union Bank, both companies announced Thursday.

“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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