Titan Trust Bank, on Tuesday, formalised and acquired 89 per cent of Union Bank of Nigeria Plc in an off-market deal worth N191bn.
Capital market analysts, according to Leadership, noted that, “the acquisition stands as the biggest in recent years, dwarfing the N120 billion Crown Mills paid to acquire Dangote Flour Mills and the N91 billion NIPCO paid for a majority share in Mobil Nigeria. Also, this is the biggest deal in the banking space since the N72 billion merger between Access Bank and Diamond Bank Plc.”
Titan Trust Bank’s deal, on Tuesday, bloated the entire stock market trade metrics, as volume traded came in at 27.565 bn units, while traded value settled at N194.356 bn.
The board of UBN, in December, 2021, announced that its investors, Union Global Partners Limited, Atlas Mara Limited and other shareholders, have reached an agreement with Titan Trust Bank Limited to divest their shareholding in Union Bank to TTB.
Titan Trust Bank, the newest national commercial bank in Nigeria, commenced operation in October 2019, according to a statement announcing the deal.
“The agreement, which is subject to regulatory approvals and other financial conditions, will upon completion, transfer 89.39 per cent of Union Bank’s issued share capital to TTB,” it said.
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