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PAC Capital’s Managing Director, Humphrey
Oriakhi, made this known in a statement shortly after the deal was sealed.
Humphrey said “Specifically, the arranged
funding completed the funds required for the acquisition.”
PAC Capital Limited is the Investment Banking
and Advisory arm of PanAfricanCapital Holdings, with an excellent track record
of successful fundraising and financial advisory services across Aviation,
Financial Services, Telecommunications, Power & Energy, Oil & Gas,
Agro-Allied and Hospitality sectors in Nigeria and beyond.
“PAC Capital Limited played a vital role in
arranging part of the acquisition consideration for this landmark transaction
of TTB acquiring majority stake in UBN.
We sincerely thank PAC Capital and
Afreximbank for supporting the deal with the highest professionalism and
efficiency,” said Mudassir Amray, the former MD of Titan Trust Bank and now
MD/CEO of Union Bank.
“The financing was closed in a record
timeline,” Mudassir added.
It is expected that this acquisition will
enhance the competitive dynamics of the Nigerian banking sector while
maintaining confidence in Nigeria’s financial services industry and broader
financial stability.
The development impact of the acquisition
as stated by Afreximbank is immense as TTB plans to leverage the merged entity
to provide financing of about US$3 Billion over the medium term of which over
US$600 Million will directly support intra-regional trade finance.
The investment banking firm was awarded the
“Best Investment Banking and Advisory Firm Nigeria 2022”
(https://bit.ly/3OBMXBu) by the World Business Outlook Awards shortly after the
landmark deal was closed