• Sun. Jul 14th, 2024

Union Bank of Nigeria, a leading financial institution, has completed its shareholding takeover, leading to the delisting of the bank from the Nigerian Stock Exchange. This action follows an offer made by Titan Trust Bank Limited, Union Bank’s core shareholder, to acquire the shares of all minority shareholders post the core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group. The acquisition of the minority shareholding culminated in the bank’s application to delist from the Nigeria Stock Market.

This strategic development was executed through a scheme of arrangement between Union Bank and its shareholders (the minority shareholders), as per Section 715 of the Companies and Allied Matters Act 2020 (as amended). Shareholders of Union Bank of Nigeria will receive a Scheme Consideration of N7.70 per share following the successful delisting process.

Mudassir Amray, CEO of Union Bank of Nigeria, emphasized that this decision aims to attract larger private investments, solidifying the bank’s position as a leading pioneer in Nigeria’s banking sector. He reaffirmed the bank’s unwavering commitment to delivering value to customers, employees, and shareholders through superior solutions.

Amray expressed gratitude to regulatory bodies, including the Central Bank of Nigeria, Securities Exchange Commission, Nigerian Exchange Group (NGX), and other instrumental agencies and parastatals for their support in achieving this milestone.

Established in 1917, Union Bank of Nigeria has been a longstanding and esteemed financial institution in the country, offering a diverse portfolio of banking services to individuals, Small and Medium-sized Enterprises (SMEs), commercial, and corporate clients. With an extensive network of more than 300 service centers and over 950 ATMs across Nigeria, the bank remains dedicated to fostering growth for individuals, families, and businesses for over a century.

Union Bank’s vision centers on becoming Nigeria’s most reliable and trusted banking partner, focusing on strategic pillars including customer experience, client base, talent, banking platform, professional standards, and earnings to achieve this goal.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

Leave a Reply