Union Bank has announced that it has received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders in the bank after the completion of the core investors’ sale of a majority shareholding to Titan Trust, a subsidiary of TGI Group.
The acquisition of the minority shareholding has led to the application to delist Union Bank of Nigeria Plc from Nigeria Exchange Limited (NGX).
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This development was implemented by way of a scheme of arrangement between the bank and the bank’s shareholders (the minority shareholders) under Section 715 of the Companies and Allied Matters Act 2020 (as amended).
One of the oldest financial institutions 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, CEO of Union Bank of Nigeria, Mudassir Amray, said in a statement, “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 delivering value to our customers, employees, and shareholders through superior solutions.
“We appreciate the support of the Central Bank of Nigeria, the Securities Exchange Commission, NGX, and every other agency and parastatal that were instrumental to achieving this.”