Apart from the fact that it is owned by Tunde Lemo, a former Deputy Governor of the Central Bank of Nigeria, (CBN), not much was known about Titan Trust Bank.
It was reported that the Board of Union Bank of Nigeria Plc (Union Bank) notified the NGX and the Securities Exchange Commission of the takeover on Thursday.
Union Bank’s board of directors, its investors Union Global Partners Limited, Atlas Mara Limited, and other shareholders have agreed to sell their shares in Union Bank to Titan Trust Bank Limited (TTB).
It was gathered that the agreement, which is subject to regulatory approvals and other financial conditions, will upon completion transfer 89.39% of Union Bank’s issued share capital to TTB.
Speaking on the takeover, Tunde Lemo had expressed delight, stating that the transaction marks a key step for Titan Trust in its strategic growth journey.
The former CBN boss added that the deal will propel the institution to the next level in the Nigerian banking sector.
It was gathered that Rothschild & Cie acted as financial adviser and White & Case LLP and Banwo & Ighodalo acted as legal advisers respectively, to the selling shareholders of Union Bank.
Citigroup Global Markets Limited acted as a financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise, and G. Elias & Co. acted as legal advisers respectively to TTB.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is one of Nigeria’s long-standing financial institutions.
While it has a network of over 280 sales and service centers across the country, Titan Trust Bank began operation in October 2019.
Titan Trust Bank: What Do We Know About It?
Titan Trust Bank Limited was founded on December 12th, 2018, and received its National Banking license on April 26th, 2019, allowing it to function as a commercial bank with national authorization.
Titan Trust Bank’s license is the first national banking license granted by the Central Bank of Nigeria in 10 years, according to Naija News.
TTB was founded to fill in the gaps in the banking industry and to serve the unmet demands of the retail mass market, SMEs, and corporate institutions.
The bank prides itself on having a team that is best-in-class Bankers, supporting the execution of the Bank’s strategy while delivering on its service promise.
“To create and manage value through a combination of empathy, talent, and superior technology by providing transparent and convenient solutions for stakeholders across all market,” the mission of Titan Trust Bank says.
Headquartered on Plot 1680, Sanusi Fafunwa Street, Victoria Island, Lagos, some of those among its management staff are experienced, financial gurus.
“As a national commercial bank, we are committed to supporting businesses, giving them the power to build a better future. Each day, companies are working together to create sustainable economic value.
“We are committed to that vision by ensuring we provide business capital and resources, primed to support these visions, as we continue to tell Africa’s story,” the bank said on its website.
