Just when we thought the year was rounding up, Titan Trust Bank shocks us with another news. The two-year-old bank acquired one of Nigeria’s oldest banks – Union Bank. This was revealed earlier today following an agreement by the majority of Union Bank’s shareholders to dispossess 88.39% of its shareholding to Titan Trust Bank.
According to the board, the agreement is subject to regulatory approvals and other financial conditions. Upon completion, 89.39% of Union Bank share capital will be issued to Titan Trust Bank.
Beatrice Hamza Bassey, the chair of Union Bank in the statement congratulated all parties involved in the acquisition process right from the start. She also mentioned that the board looks forward to following up and supporting the acquisition’s next steps to ensure a seamless completion. Showing her gratitude to Union Bank’s current investors, she mentioned how significant their investments have been over the years contributed to the growth of the Bank.
At 104 years old, Union Bank is one of Nigeria’s oldest banks and can boast of over 280 sales and service centres across the country and a continuously growing customer base of over six million customers.
On the other hand, Titan Trust Bank was founded in October 2019. In just two years, it has earned the public’s trust by offering quality banking services and showing tremendous growth, even though it was founded during difficult times. Its accolades include two ‘Best Trade Finance Provider in Nigeria’ for 2021 and 2022 from the New York-based Global Finance Magazine World’s Best Trade Finance Providers Awards and ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand’ for 2021.
