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capital of Union Bank held to Titan Bank. After receiving all regulatory approval, the transaction was completed in June 2022, and there was a subsequent change of control. Titan Trust Bank became the majority shareholder in Union Bank. (Titan Trust Bank is majority owned by TGI Group, a
Nigerian conglomerate).
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The acquisition of the Shares triggered the statutory and regulatory requirement for Titan Trust Bank to execute a mandatory take-over offer (MTO) to the other shareholders of Union Bank in
November 2022 and, subsequently, a squeeze out of minority shareholders through a scheme of arrangement in May
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Following the banking crisis in 2009 and the intervention of the CBN via Asset
Management Company of Nigeria (AMCON), the bank was recapitalised in 2012 with an injection of $ 500 million by Union Global Partners Limited (UGPL), a consortium of local and international investors. UGPL acquired 65% of
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Between 1971 and 1979, the bank went through a series of changes, including its listing on the NSE and share acquisitions/transfers driven by the
Nigerian Enterprises Promotion Acts (1972 and 1977); this resulted in its evolution into a new wholly Nigerian-owned entity. To reflect the new ownership
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In
December 2021, the Bank announced that it had received a notification of an agreement by UGPL, Atlas Mara Limited and other majority shareholders to divest shareholding in Union Bank to Titan Trust Bank. Majority shareholders in Union Bank transferred an aggregate of 93.41% of the issued share
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In 1925, the bank became known as
Barclays Bank DCO (Dominion, Colonial and Overseas), resulting from its acquisition by Barclays Bank. Following Nigeria’s independence and the enactment of the Companies Act of 1968, the bank was incorporated as Barclays Bank of Nigeria Limited (BBNL, est. 1969).
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In 1993, in line with its privatisation/commercialisation drive, the
Federal Government divested by selling its controlling shares (51.67%) to private investors. Thus, Union Bank became wholly owned by Nigerian citizens and organisations all within the private sector. During the Central Bank of
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Following a court-ordered meeting of shareholders on 28 December 2023 and subsequent sanctioning of the scheme, the official merger process between Union Bank of
Nigeria and Titan Trust Bank was concluded, with Union Bank of Nigeria existing as the surviving entity.
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Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in
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2023. Consequent to the acquisition of all the shares in Union Bank of
Nigeria, an application to delist Union Bank of Nigeria Plc shares from the Nigerian Stock Exchange was filed, and the application was granted in November 2023.
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Titan Trust
Limited acquired 89.4 per cent interest in Union Bank from a pool of stakes from exiting major investors, including Atlas Mara and Union Global Partners Limited, but later upped the stake to 93.4 per cent.
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Nigeria’s (CBN) banking sector consolidation policy, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd. It absorbed its one-time subsidiary, Union Merchant Bank Ltd.
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The management board is led by Yetunde Oni, who serves as the CEO and Managing Director and of the bank. She resumed as Managing Director and Chief Executive Office of the bank in January 2024.
201:. As of March 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$ 4.1billion). The shareholders' equity at that time was estimated at NGN286 billion (US$ 851 million).
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structure and in compliance with the Companies and Allied Matters Act of 1990, it assumed the name Union Bank of Nigeria Plc. (UBN “the Bank” or “Union Bank”).
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the bank’s shareholding, and in the last quarter of 2014, AMCON’s remaining 20% stake in the bank was acquired by Atlas Mara.
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Union Bank of Nigeria’s rich history can be traced to 1917, when it was first established as Colonial Bank.
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The bank's activities are supervised by the board of directors Yetunde Oni and Mannir Ringim.
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396:"Union Bank's Acquisition: Titan Trust Bank aims for market dominance, targets tier 1"
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372:"Nigeria: Standard Chartered Group, Others Buy 65 Percent Stake in Union Bank"
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349:"Union Bank Emerges Winner At The Middle East & Africa Innovation Awards"
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The bank maintains a vast network of interconnected
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125:Loans, Target Savings, UnionMobile, Agency Banking
452:Google Finance listing for Union Bank of Nigeria
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188:. It has been operating in Nigeria since 1917.
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327:"Union Bank, firm lift 6,000 local farmers"
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137:US$ 6.3 billion (NGN2,793 billion) (2022)
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180:headquartered in Marina,
170:Union Bank of Nigeria Plc
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589:Companies based in Lagos
302:List of banks in Nigeria
110:Chief Executive Officer
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351:. Tribune newspaper
143:Number of employees
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112:Mr. Mannir Ringim
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289:Banks portal
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182:Lagos Island
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159:.unionbankng
132:Total assets
85:Lagos Island
80:Headquarters
34:Company type
548:Agriculture
541:Industries:
424:13 February
307:Nkem Okocha
106:Yetunde Oni
93:Lagos State
83:36 Marina,
573:Categories
501:Currency:
381:2017-08-29
313:References
264:Management
101:Key people
239:Ownership
95:, Nigeria
46:Traded as
355:25 April
275:See also
254:branches
192:Overview
122:Products
62:Industry
558:Tourism
517:Banking
402:27 June
178:Nigeria
152:Website
72:Founded
54::
258:states
199:Africa
186:Lagos
172:is a
89:Lagos
426:2018
404:2022
357:2022
335:2022
161:.com
147:2200
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176:in
157:www
56:UBN
52:NGX
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
