BREAKING: Titan Trust Bank takes over Union Bank

Titan Trust Bank Limited, led by Tunde Lemo, is buying 89.39 per cent of Union Bank, both companies announced Thursday.

Titan Trust Bank Limited, which barely three years ago won the central bank’s permit to run within Nigeria, is acquiring 89.4 per cent stake in Union Bank of Nigeria Plc.

“Completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent,” Union Bank told Nigerian Exchange Limited (NGX) in a note on Thursday.

Commenting on the transaction, the chairperson of Union Bank, 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.