Titan Trust Bank to acquire 89.39% in Union Bank of Nigeria

Titan Trust Bank Ltd. agreed to acquire 89.39% of Union Bank of Nigeria PLC's issued share capital for an undisclosed sum.

Union Bank said its investors, including Union Global Partners Ltd. and Atlas Mara Ltd., agreed to divest their shareholding in the lender, which has been running since 1917. The bank said NGX and the Securities Exchange Commission have been notified of the agreement.

Rothschild & Cie served as financial adviser, while White & Case LLP and Banwo & Ighodalo served as legal advisers for Union Bank. Citigroup Global Markets Ltd. acted as financial adviser, PwC as due diligence partner and Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. as legal advisers for Titan Trust Bank.