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Titan Trust Bank Limited, the core investor in Union Bank, has announced its plans to acquire the shares of minority shareholders in the bank.
This was disclosed in a corporate filing on the Nigerian Exchange Limited on Monday.
The notice signed by the Company Secretary, Somuyiwa Sonubi, said “The transaction will be implemented by way of a Scheme of Arrangement between the bank and the bank’s shareholders (“the Minority Shareholders”), in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended).”
Under the terms of the deal, the shares will be acquired by Titan Trust for N7.00 per share.
Meanwhile, regulators; the Central Bank of Nigeria and the Securities & Exchange Commission have issued ‘No Objection’ to the transaction.
The terms and conditions of the deal will be sent to all shareholders, following receipt of an order from the Federal High Court to convene a Court-Ordered Meeting of the bank’s shareholders.
In 2022, TitanTrust Bank Limited bought the controlling stake in Union Bank, which is the second-oldest lender in Nigeria.
In its 2022 financial statements, Union Bank reported that its gross earnings went up by 19 per cent to N208.2 bn from N175.0 bn in 2021, driven by strong growth in its net interest income, which appreciated by 33 per cent to N59.1 bn from N44.3 bn in 2021.
Union Bank’s profit before tax also went up by 47 per cent to ₦30.2 bn from ₦20.5 bn in the previous year. The bank’s customer deposits moved up by nine per cent to ₦1.48 tn from ₦1.36 tn in December 2021. Its retail deposits also grew by 14 per cent to N675.8 bn from N594.9 bn in 2021.
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