Business & Finance: Nigeria’s new gen bank Titan Trust acquires Union Bank.
Special to USAfricaonline.com and USAfrica magazine, Houston
One of the new generation banks in Nigeria, Titan Trust Bank, is taking over Union Bank following its acquisition of 89.39 per cent stake in one of the oldest banks in Nigeria.
“The board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector”, said Titan Trust’s Tunde Lemo (a former director of the Central Bank of Nigeria).
He added that “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,” Mr Lemo, who left Wema Bank to the Central Bank of Nigeria (CBN), stated.
Titan Trust said it bought the shareholding from Union Global Partners Limited. The transaction is subject to regulatory approvals.
