Titan Trust Bank takes over Union Bank

Titan Trust Bank Limited, one of the newest national commercial banks in Nigeria, has acquired Union Bank of Nigeria.

Union Global Partners Limited, Atlas Mara Limited and other majority shareholders has agreed to divest 88.39 per cent shareholding in Union Bank to Titan Trust Bank.

The board of Union Bank of Nigeria Plc has notified the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission about the takeover.

The deal was communicated to the public via a release from Titan Trust Bank.

Mr. Tunde Lemo, the chairman of Titan Trust Bank, said the deal “represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.”

Rothschild & Cie acted as financial adviser to the shareholders of Union Bank.

White & Case LLP and Banwo & Ighodalo were legal advisers to the selling shareholders of Union Bank.

Citigroup Global Markets Limited acted as financial adviser to Titan Trust Bank while Pricewaterhouse Coopers was a due diligence partner.

Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. acted as legal advisers respectively to Titan Trust Bank.

Titan Trust Bank commenced operation in October 2019. Titan Trust Bank has received industry-wide recognition, having been named ‘Best Trade Finance Provider in Nigeria’ for 2022 (for the second year running) by the New York-based Global Finance Magazine World’s Best Trade Finance Providers Awards.

Titan Trust Bank was also the ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand’ for 2021.

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