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PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings, successfully raised US$300 million funding from the African Export-Import Bank (“Afreximbank”) on behalf of Titan Trust Bank (“TTB”) to support the acquisition of majority stake in Union Bank Plc.
PAC Capital’s Managing Director, Humphrey Oriakhi, who made this known in a statement shortly after the deal was sealed, said the arranged funding completed the funds required for the acquisition.
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PAC Capital Limited is the Investment Banking and Advisory arm of PanAfricanCapital Holdings, with an excellent track record of successful fundraising and financial advisory services across Aviation, Financial Services, Telecommunications, Power & Energy, Oil & Gas, Agro-Allied and Hospitality sectors in Nigeria and beyond.
It is expected that this acquisition will enhance the competitive dynamics of the Nigerian banking sector, while maintaining confidence in the country’s financial services industry and broader financial stability.
The development impact of the acquisition as stated by Afreximbank is immense, as Titan Trust bank plans to leverage the merged entity to provide financing of about US$3 billion over the medium term of which over US$600 Million will directly support intra-regional trade finance.
The investment banking firm was awarded the “Best Investment Banking and Advisory Firm Nigeria 2022” by the World Business Outlook Awards shortly after the landmark deal was closed.
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