Union Bank of Nigeria Delists to Attract Private Investments – CEO
Union Bank of Nigeria (UBN) has inched closer to becoming a private company following a large share acquisition by Titan Trust Bank Limited. In a statement, its chief executive officer and managing director Mudassir Amray said the move is part of efforts to attract large private investment to reconsolidate its market position.
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.
The offer was made after the completion of the core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group. Management said 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 minority shareholders, by Section 715 of the Companies and Allied Matters Act 2020 (as amended). Union Bank of Nigeria told the Nigerian exchange and investing public it’s finalizing the process of obtaining approval to delist the Bank’s shares.
Detail from its scheme of arrangement indicates that minority shareholders of the Bank will receive 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 delivering value to our customers, employees and shareholders through superior solutions”.