Titan Trust Bank Acquires Union Bank Plc

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Union Bank of Nigeria Plc has issued a statement announcing the sale of majority share holding at the bank to Titan Trust Bank, a two-year-old bank in Nigeria. 

The statement reads in part:

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”).   Completion of the Transaction is subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent. 

Click to here download the pdf of the full statement.