BANKING: UNION BANK TAKEN OVER BY TITAN TRUST BANK



Union Bank gets notification for mandatory takeover by Titan Trust Bank


Union Bank of Nigeria Plc has notified its shareholders and the Nigerian Exchange Limited that it has received a Mandatory Takeover Offer (MTO) from Titan Trust Bank Limited.


A corporate disclosure by Union Bank, seen by Nairametrics, explained that the mandatory takeover offer is for Titan Trust to take over ownership of 1,927,532,558 (one billion, nine hundred and twenty-seven million, five hundred and thirty-two thousand, five hundred and fifty-eight) ordinary shares from Union Bank.


The shares are valued at 50 (fifty) Kobo each and represents 6.59% of the shareholding of Union Bank of Nigeria Plc.  

What Union Bank is saying 

The statement said: “Titan Trust has received the Securities and Exchange Commission’s approval to launch the MTO. The MTO is priced at N7.00 (seven Naira) per ordinary share; being the price at which the block trade was executed.  

“The Qualification Date for the MTO is 5.00 pm on Monday 31st October 2022 – which is the date on which the names of shareholders must be in the register of members and is the settlement date for trades that are executed on Wednesday 26th October 2022.  

“For clarity, all trades must be executed by Wednesday 26th October 2022 in order to qualify to participate in the MTO, and only shareholders whose names are in the register of members on 31st October 2022 will be able to participate in the MTO” 

What you should know 

Recall that Union Bank Plc recently announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group. 

Following the deal, major changes were made to Union Bank’s Board which saw the resignation and retirement of old directors and the appointment of new ones. 

Titan Trust commenced operations in October 2019, meaning it is about three years. Union Bank, on the other hand, is a 104-year-old bank. The age difference between the two banks was what made the deal so remarkable.


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