New board takes over as Union bank, Titan execute acquisition
Union Bank of Nigeria Plc has notified the Nigerian Exchange Limited (NGX), Securities and Exchange Commission (SEC) and other stakeholders of changes in its board and the completion of the sale and transfer of 93.41 per cent of its issued share capital to Titan Trust Bank Limited.
The deal, regarded as one of the largest acquisition deals in the history of Nigeria’s banking industry, was executed under a share sale and purchase agreement (SSPA).
The old board chaired by Beatrice Hamza Bassey has been dissolved for an effective take-off of a new one drawing on the new shareholding. The new board took over yesterday after a transition period lasting for months.
The new board is chaired by Farouk Mohammed Gumel, the group executive director of TGI Group (the parent company of Titan Trust).
Gumel is also non-executive chairman at the Nigeria Sovereign Investment Authority (NSIA)
Mudassir Amray, who had an extensive career at Citibank and other foreign as well as local banks, has taken over the affairs of the bank as the chief executive officer.
Amray led the establishment of Titan Trust and subsequently became the bank’s pioneer CEO in 2019.
Other members of the board are Andrew Ojei, a former executive director of Zenith Bank Plc; Abubakar Mohammed, the managing director of Syndicated Investment limited and Lawrence Mackombo.
The premier bank had disclosed that Titan Trust acquired 93.41 per cent of its share capital from the majority shareholders – Union Global Partners Limited, Atlas Mara Limited and others.
The bank, in a statement issued yesterday, said the deal has been executed with “receipt of all necessary regulatory approvals”.
In compliance with the “NGX Rule Book and the amendments to the listing rules”, the former majority shareholders have divested while the previous board members have either retired or resigned.
TGI Group, the parent company of Titan, has thus taken over as the majority shareholder of the bank.
“Union Bank hereby notifies the NGX that with the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank.
“Union Bank hereby notifies the NGX of the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (UBUK) to all the shareholders on the Company’s records as of March 4, 2022, pro-rata, to their existing shareholding interests in the company,” the bank said.