Trading report at the Nigerian Exchange (NGX) yesterday
indicated that a total of 27.34 billion ordinary shares of UBN were swapped in
block divestment. Market sources said the cross deal was the culmination of the
transaction between TTB and Union Global
Partners Limited, Atlas Mara Limited and other shareholders.
A total of 19 cross deals were done through the negotiated
window of the NGX at N7 per share, indicating transaction value of N191.4
billion.
The transfer of shares effectively implied approval of the
transaction by all regulators including
the Central Bank of Nigeria, Securities and Exchange Commission and NGX.
Earlier, Chairman, Union Bank of Nigeria, Mrs. Beatrice
Hamza Bassey said UBN was well-positioned with an innovative product offering,
a growing customer base of over six million and consistent year on year
profitability.
“This is a solid foundation for our incoming investors to
build on as we move into a new era for the bank,’’ Hamza Bassey said.
Chairman, Titan Trust Bank, Tunde Lemo, said: “The Board of
Titan Trust Bank and our key stakeholders are delighted as this transaction
marks a key step for Titan Trust in its strategic growth journey and propels
the institution to the next level in the Nigerian banking sector.
“The deal represents a unique opportunity to combine Union
Bank’s longstanding and leading banking franchise with TTB’s innovation-led
model which promises to enhance the product and service offering for our
combined valued customers.”
Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo said:
“This transaction marks a significant milestone in the journey of our
104-year-old Bank. While thanking our current investors for their unwavering
commitment to the Bank over the years, we welcome our new core investor, TTB.
We recognise the strategic fit between the two institutions
and expect that this deal will deliver the best outcome for our employees,
customers and stakeholders. We look forward to collectively writing the next
exciting chapter for Union Bank.”
Chief Executive Officer, Titan Trust Bank, Mudassir Amray
said: “After completing over two years of operations with aggressive organic
growth, we are excited to have an opportunity for a significant leap forward in
market share.
UBN’s widespread presence, state of the art technology
platform, quality staff and strong brand loyalty fits well with our
synchronised modular strategy. We look forward to delivering superior results
for the benefit of our staff, customers, shareholders, and stakeholders.”
Rothschild & Cie acted as financial adviser and White
& Case LLP and Banwo & Ighodalo acted as legal advisers respectively,
to the selling shareholders of Union Bank.
Citigroup Global Markets Limited acted as financial adviser,
Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP,
Drew Law Practise and G. Elias & Co. acted as legal advisers respectively
to TTB.