Titan Belief Financial institution Restricted (TTB) owned by Tunde Lemo, who’s a former Deputy Governor of the Central Financial institution of Nigeria (CBN), has taken over Union Financial institution.
Naija Information studies that the Board of Union Financial institution of Nigeria Plc (Union Financial institution) on Thursday notified the NGX and Securities Alternate Fee of the take over.
In line with Union Financial institution board, its traders Union International Companions Restricted, Atlas Mara Restricted and different shareholders reached an settlement with Titan Belief Financial institution Restricted (TTB) to divest their shareholding in Union Financial institution to TTB.
It was gathered that the settlement, which is topic to regulatory approvals and different monetary circumstances, will upon completion switch 89.39% of Union Financial institution’s issued share capital to TTB.
Talking within the take over, Tunde Lemo expressed delight, stating that the transaction marks a key step for Titan Belief in its strategic development journey.
The previous CBN boss added that the deal will propel the establishment to the following degree within the Nigerian banking sector.
“The deal represents a novel alternative to mix Union Financial institution’s longstanding and main banking franchise with TTB’s innovation-led mannequin which guarantees to reinforce the product and repair providing for our mixed valued clients,” Lemo stated.
Additionally talking Chair, Union Financial institution, Mrs. Beatrice Hamza Bassey stated: “On behalf of the Board, we congratulate all of the events concerned in reaching this part of the transaction and the Board seems to be ahead to supporting the following steps to make sure a seamless completion of the method following regulatory approvals.
“We’re grateful to our present traders whose vital and consequential investments over the previous 9 years facilitated the transformation of Union Financial institution, considered one of Nigeria’s oldest and storied establishments. Right now, the Financial institution is well-positioned with an revolutionary product providing, a rising buyer base of over six million and constant 12 months on 12 months profitability. It is a strong basis for our incoming traders to construct on as we transfer into a brand new period for the Financial institution.”
Obtain NAIJA NEWS app: