Union Bank Plc has notified the Nigerian Exchange Limited (NGX), Securities & Exchange Commission (SEC) and members of the public of the completion of the transaction under the
Share Sale and Purchase Agreement (SSPA), which effectively transfers 93.41 percent of Union Bank’s issued share capital to Titan Trust Bank Limited (TTB).
Union Bank had notified investors in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between Union Bank of Nigeria Pic’s (Union Bank) majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals.
Consequently, in compliance with the NGX Rule Book and the Amendments to the Listing Rules, Union Bank notifies the NGX, its esteemed stakeholders and the investing public that with the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank.
Union Bank also notifies the NGX of the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (UBUK), to all the shareholders on the Company’s records as of 4th March 2022, pro rata to their existing shareholding interests in the Company.
Consequently, UBUK is not included in the transaction with Titan Trust Bank. Union Bank also notified the NGX of the resignation and subsequent retirement of the following Directors from the Board of Union Bank: Beatrice Hamza Bassey, Chair/Non-Executive Director; Emeka Okonkwo, Chief Executive Officer; Obafunke Alade-Adeyefa, Independent Non-Executive Director; Richard Burrett, Non-Executive Director; Ian Clyne, Non-Executive Director; Kenroy Dowers, Non-Executive Director; Paul Kokoricha, Non-Executive Director; Taimoor Labib, Non-Executive Director; Mark Patterson, Non-Executive Director; and Emeka Ogbechie, Non-Executive Director.
Commenting on behalf of the outgoing Directors, erstwhile Chair of the Board, Beatrice Hamza Bassey said: “Earlier today we reached a significant milestone with the Completion, after regulatory approvals, of the epoch-making transaction announced in December 2021 between the Bank’s core shareholders and Titan Trust Bank. As is normal for transactions such as this, the current board and CEO Emeka Okonkwo retired and handed over reins of the Bank to a new Board and to Mudassir Amray as CEO. The entire Board congratulates the parties on this landmark transaction.
It has been a privilege and honor to have chaired and served on the Board that oversaw the preservation and transformation of one of Nigeria’s most iconic institutions. The significant investments made over the last ten years by the outgoing investors, along with the vision, astute counsel and direction of our Directors helped us implement the strategic objectives that we set and laid the foundation for this new era of growth for the Bank.
I extend my heartfelt thanks and gratitude to Okonkwo, the Management team and entire Staff of the Bank as well as the retiring directors for their diligent and committed service over the years.
I am also grateful for the trust that our minority investors placed in us for managing and running the Bank.
I am very proud of all that we accomplished together during a transformative period for the Bank following the significant recapitalization of the Bank by the outgoing investors.
We reshaped the Bank with significant investments in the technological infrastructure, hired a capable management team, attracted a talented and diverse work-force, established a first-rate governance structure, digitized the bank, introduced innovative products and channels to better serve our customers, became a leader in sustainability, attracted significant funding, especially with DFI partners, and launched the innovative Alpher Women’s Initiative which will help us further accelerate financial inclusion.
We wish Titan Trust Bank, the incoming Board of Directors and Amray every success for the future and look forward to seeing the Bank continue from strength to strength in servicing the financing needs of our customers.”