Union Bank of Nigeria (UBN) Plc yesterday, announced it has completed the transfer of its 93.41 per cent share capital to Titan Trust Bank (TTB).
This comes as it also revealed it has completed the divestment of the bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (UBUK), to all the shareholders on the Company’s records as of March 4, 2022, pro rata to their existing shareholding interests in the Company, noting that UBUK was not included in the transaction with TTB.
According to a filing obtained from the Nigerian Exchange Limited (NGX)’s website on Thursday, UBN Plc, said that the transaction which took almost half a year has now been completed and in the spirit of the change of ownership, members of Union Bank’s board have exited the bank.
It said, “Following the bank’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between Union Bank of Nigeria Pic’s (Union Bank) majority shareholders, Union Global Partners Limited, Atlas Mara Limited, et al., and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the NGX, Securities and Exchange Commission (SEC).
