By Favour Goodness
Titan Trust Bank Limited, led by Tunde Lemo, is buying 89.39 per cent of Union Bank, both companies announced Thursday.
The board of Union Bank of Nigeria Plc in a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission on Thursday, explained that the agreement, which is subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 per cent of Union Bank’s issued share capital to Titan Trust Bank.
Commenting on the transaction, Mrs. Beatrice Hamza Bassey, the chairman, Union Bank, 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.”
“We are grateful to our current investors whose significant and consequential investments over the past nine years facilitated the transformation
