Nigeria’s business, banking and financial world got a shocker 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).
Bibian Anekwe News 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.
Source; Bibian Anekwe news
