Titan Trust Bank: What You Need To Know About New Owners Of Union Bank [Photos]

Nigeria’s business, banking and financial world got a shocker yesterday with reports of the official take over of Union Bank by Titan Trust Bank.

Not much was known about Titan Trust Bank aside the fact that it is reportedly owned by Tunde Lemo, a former Deputy Governor of the Central Bank of Nigeria (CBN).

Ezenwoko’s Blog reports that the Board of Union Bank of Nigeria Plc (Union Bank) had on Thursday notified the NGX and Securities Exchange Commission of the take over.

According to Union Bank board, its investors Union Global Partners Limited, Atlas Mara Limited and other shareholders reached an agreement with Titan Trust Bank Limited (TTB) to divest their shareholding in Union Bank to TTB.

It was gathered that the agreement, which is subject to regulatory approvals and other financial conditions, will upon completion transfer 89.39% of Union Bank’s issued share capital to TTB.

Speaking in the take over, Tunde Lemo had expressed delight, stating that the transaction marks a key step for Titan Trust in its strategic growth journey.

The former CBN boss added that the deal will propel the institution to the next level in the Nigerian banking sector.

It was gathered that Rothschild & Cie acted as financial adviser and White & Case LLP and Banwo & Ighodalo acted as legal advisers respectively, to the selling shareholders of Union Bank.

Citigroup Global Markets Limited acted as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. acted as legal advisers respectively to TTB.

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is one of Nigeria’s long-standing financial institutions.

While it has a network of over 280 sales and service centres across the country, Titan Trust Bank began operation in October 2019.

What do we know about Titan Trust Bank:

Titan Trust Bank Limited was established on the 12th of December, 2018, obtaining its National Banking license on the 26th of April 2019, to operate as a commercial bank with national authorization.​

Ezenwoko’s Blog reports that Titan Trust Bank’s license is the first National Banking license that the Central Bank of Nigeria has granted in the last ten years.​

TTB was formed to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporate institutions.

The bank prides itself on having a team that are best-in-class Bankers, supporting the execution of the Bank’s strategy while delivering on its service promise.

“To create and manage value through a combination of empathy, talent and superior technology by providing transparent and convenient solutions for stakeholders across all marketsmana,” the mission of Titan Trust Bank says.

Headquartered on Plot 1680, Sanusi Fafunwa Street, Victoria Island, Lagos, some of those among its management staff are are experienced financial gurus.

“As a national commercial bank, we are committed to supporting businesses, giving them the power to build a better future. Each day, companies are working together to create sustainable economic value.

“We are committed to that vision by ensuring we provide business capital and resources, primed to support these visions, as we continue to tell Africa’s story,” the bank said on its website.

Management Staff:

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