Nigeria’s Titan Trust Pays N191bn, Completes Acquisition of Union Bank

The latest major acquisition in Nigeria’s financial sector is done. Titan Trust Bank has completed an off-market acquisition of 89 percent of Union Bank of Nigeria (UBN) Plc for N191 billion.

“The acquisition ranks as the largest in recent years, dwarfing the N120 billion Crown Mills paid for Dangote Flour Mills and the N91 billion NIPCO paid for a majority stake in Mobil Nigeria,” according to capital market analysts. This is also the largest banking transaction since the N72 billion merger of Access Bank and Diamond Bank Plc.”

Titan Trust Bank’s transaction bloated the entire stock market trade metrics, with 27.565 billion units moved and N194.356 billion in transacted value.

Back in December, 2021, the board of UBN 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.