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Nigerians got a shocker on Thursday, 23 December, with reports of the official take over of Union Bank by Titan Trust Bank.
Titan Trust BankThe Board of Union Bank of Nigeria Plc (Union Bank) had 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.
