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Titan Trust Bank was established on the 12th of December, 2018, and started operating fully as a commercial National Bank after obtaining its National Banking license on the 26th of April, 2019.
TTB is accomplishing one of its core mandates of becoming one of the trusted banks in Africa.
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The Bank has today completed its shareholding transfer of 89.39%, This implies that Union bank has divested its shareholding to Titan Trust Bank.
According to a statement by the Chairman of Union Bank, who said:
“On behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the Board looks forward to supporting the next steps to ensure seamless completion of the process following regulatory approvals.
The chairman read an appraisal message to their customers, in his statement, he noted that the committee is grateful to their current investors whose significant and consequential investments over the past nine years facilitated the transformation of Union Bank.
Also, the Bank was well-positioned with an innovative product offering, a growing customer base of over six million, and consistent year on year profitability he 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. Whilst thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new core investor, TTB. We recognize 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”.
“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 synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders”.
Titan Trust Bank core mission
Titan Trust Bank core mission is to create and manage value through a combination of empathy, talent, and superior technology by providing transparent and convenient solutions for stakeholders across all markets