In May, 2023, Union Bank
received an offer from its core shareholder, Titan Trust Bank Limited, to
acquire the shares of all minority shareholders in Union Bank after the
completion of core investors’ sale of a majority shareholding to Titan Trust
Bank Limited, a subsidiary of TGI Group. The acquisition of the minority
shareholding has led to the application to delist Union Bank of Nigeria Plc
from the Nigeria Stock Market. This development was implemented by way of a
scheme of arrangement between the bank and the bank’s shareholders (the
minority shareholders), by Section 715 of the Companies and Allied Matters Act
2020 (as amended).
Union Bank of Nigeria has
notified all esteemed stakeholders that the Bank is finalizing the process of
obtaining approval to delist the Bank’s shares from NGX, upon which
shareholders of the Bank will receive a Scheme Consideration of N7.70 per
share.
Commenting on this development,
Mudassir Amray, CEO of Union Bank of Nigeria said: “This move is an effort to
attract larger private investments to reconsolidate our position as one of the
top pioneer Banks in Nigeria. We remain committed to deliver value to our
customers, employees and shareholders through superior solutions. We appreciate
the support of the Central Bank of Nigeria, Securities Exchange Commission,
Nigerian Exchange Group (NGX) and every other agency and parastatal that were
instrumental to achieving this.”
About Union Bank of Nigeria
Union Bank of Nigeria (“UBN”)
was established in 1917 and is one of Nigeria’s long-standing and most
respected financial institutions, offering a portfolio of banking services to
individuals, Small and Medium-sized Enterprises (SMEs), commercial and
corporate clients.
With a robust
geographical network comprising more than 300 service centres and over 950+
ATMs spread across Nigeria, we have remained committed to helping individuals,
families and businesses grow for over a century.
We are committed to being
widely recognised as Nigeria’s most reliable and trusted banking partner. Our
ambition is hinged on successfully delivering against six strategic pillars
including the quality of our customer experience, client base, talent, banking
platform, professional standards and earnings.
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