Union Bank of Nigeria to Divest UK Subsidiary
Amidst the process to transfer its assets to Titan Trust Bank, Union Bank of Nigeria (UBN) has hinted about a plan to divest its entire shareholding in its United Kingdom subsidiary (Union Bank, UK), according to a notice of extra-ordinary general meeting filed with the regulator.
The bank which announced its majority shareholder has sold down interest to a marginal player in the banking sector, Titan Trust Bank Limited, late last year said in a statement published on the Nigerian Exchange.
For the sale and appointment of transactions advisers, Union Bank will seek shareholders’ vote at the Extra-Ordinary General Meeting scheduled for March 29, 2022. Read: Titan Trust Bank Acquires 89.39% of Union Bank of Nigeria Shares
According to the bank, it will consider special resolutions and obtain approval for the proposed divestment of its entire shareholding (direct and indirect) interest in its subsidiary, Union Bank UK Plc to the shareholders.
This will be on a pro-rata basis to existing shareholding interests in the Company for the divestment; subject to obtaining any required contractual consents and/or regulatory approvals, it said.
The management seeks approval that the shares to be held in a UK subsidiary by shareholders who each hold less than 0.2546% of its issued share capital be placed under a trust.
Union Bank indicated that the trust will be established with Stanbic IBTC Trustees Limited, acting as trustee of the beneficial interests of the relevant UBN shareholders.
It said in December its core investors Union Global Partners, Atlas Mara and other shareholders planned to sell their 89.4% stake in the lender to Titan Trust Bank. #Union Bank of Nigeria to Divest UK Subsidiary
