itan Trust Bank has fired the board and management of Union Bank PLC after taking over the old generation bank.
TheNewsGuru.com, (TNG) reports this was contained in a statement issued by the bank notifying the Nigerian Exchange Group of the resignation and subsequent retirement of directors from the board of the Union Bank.
Titan Trust Bank, owned by TGI Group which, now controls 93 per cent of Union Bank’s shares, has also named Mudassir Amray as chief executive.
The retired directors are the Chair/Non-Executive Director, Beatrice Bassey, Managing Director/Chief Executive Officer (CEO), Emeka Okonkwo. Other directors that resigned were Independent Non-Executive Director, Obafunke Alade-Adeyefa; Non-Executive Director, Richard Burrett; Non-Executive Director, Ian Clyne; Non-Executive Director, Kenroy Dowers; Non-Executive Director, Paul Kokoricha; Non-Executive Director, Taimoor Labib; Non-Executive Director, Mark Patterson; Non-Executive Director, and Emeka Ogbechie.Union Bank Plc has announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank (TTB).
The Bank’s statement said “Following the bank’s notification in December 2021 of the execution of a share sale and purchase agreement between Union Bank of Nigeria majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited, and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the Nigerian Exchange Limited, Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Bank’s issued share capital to TTB.
“Consequently, in compliance with the NGX rule book and the amendments to the listing rules, Union Bank notified the NGX, its stakeholders, and the investing public of the new developments. Union Bank notified the NGX that with the completion of the transaction, TGI Group, parent of TTB, had become the majority shareholder and core investor in Union Bank. Union Bank hereby notifies the NGX of the completion of the divestment of the bank’s entire shareholding interest, direct and indirect, in its subsidiary, Union Bank (UK) Plc, to all the shareholders on the company’s records as of 4th March 2022, pro rata to their existing shareholding interests in the company. Consequently, UBUK is not included in the transaction with Titan Trust Bank”.
Tropical General Investments (TGI) Group is a global conglomerate with a majority of its investments based in emerging markets. Across markets (globally), TGI Group owns over a hundred leading brands in Fast Moving Consumer Goods, Agricultural Inputs, Industrial Chemicals, Homecare Products and Pharmaceuticals including the popular Chi Limited, Chi Farms and Chi Pharmaceuticals.
Headquartered in Nigeria for over 40 years, TGI is currently led by Mr Cornelius Vink as chairman.