In a strategic move aimed at reshaping its shareholder base and attracting substantial private investments, Union Bank of Nigeria has received an acquisition offer from its core shareholder, Titan Trust Bank Limited.
This offer seeks to acquire the shares held by minority shareholders in Union Bank after Titan Trust Bank Limited, a subsidiary of TGI Group, completed the purchase of a majority stake.
The acquisition of the minority shareholding has prompted Union Bank to pursue the delisting of its shares from the Nigeria Stock Market. This transformative step was executed through a scheme of arrangement as stipulated by Section 715 of the Companies and Allied Matters Act 2020 (as amended), facilitating the buyout from the bank’s shareholders (the minority shareholders).
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The impending delisting from the NGX will offer shareholders of Union Bank a Scheme Consideration of N7.70 per share. This move aligns with the bank’s strategic efforts to attract substantial private investments and reaffirm its standing as one of Nigeria’s prominent and pioneering financial institutions.
Mudassir Amray, the CEO of Union Bank of Nigeria, expressed his views on this significant development, stating, “This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer Banks in Nigeria. We remain committed to delivering value to our customers, employees, and shareholders through superior solutions.”
Amray extended gratitude to regulatory bodies such as the Central Bank of Nigeria, Securities Exchange Commission, Nigerian Exchange Group (NGX), and other instrumental agencies and parastatals that facilitated this strategic shift.
Established in 1917, Union Bank of Nigeria (UBN) stands as one of Nigeria’s oldest and most reputable financial institutions. Over its century-long journey, UBN has offered an array of banking services to individuals, Small and Medium-sized Enterprises (SMEs), commercial, and corporate clients.
The bank boasts a resilient geographical network encompassing more than 300 service centres and over 950 ATMs spread across Nigeria. This extensive reach underscores UBN’s commitment to fostering growth for individuals, families, and businesses across the nation.
Aligned with its vision to be Nigeria’s most reliable and trusted banking partner, Union Bank of Nigeria is dedicated to delivering on six strategic pillars, including the quality of customer experience, client base expansion, talent acquisition, banking platform enhancement, professional standards, and earnings growth.
