One of the top trending topics in Nigeria just about 24 hours to Christmas is the acquisition of majority shares in Union Bank of Nigeria (UBN) by Titan Trust Bank (TTB).
The Chairman of TTB is Tunde Lemo, a former deputy governor of the Central Bank of Nigeria. He is also the chairman of Flutterwave, a Financial Technology (FINTECH) company which has its headquarters in Lagos.
With the current deal, TTB has become the majority shareholder with 89.39% of UBN shares.
The acquisition will lead to a merger after due approval by the regulatory authorities.
The deal will strengthen the position of Flutterwave among other Fintech companies.
The development is dramatic because observers had expected to see Union Bank take over Titan Trust Bank, and not what it is today in which a child has swallowed a great grand father.
But in banking business it's not always how old you are, it is usually about how robust you are in terms of liquidity.
Here are some facts you need to know about both banks and what should be expected after the acquisition.
Union Bank of Nigeria is one of the oldest banks in Nigeria as it was originally established in the late nineteenth century but took its current name in the early twentieth century.
Before the current deal, Union Global Partners Limited held majority shares in UBN.
Titan Trust Bank is the newest commercial bank in Nigeria having begun operations about two years ago.
Union Bank of Nigeria is one of the oldest banks in Nigeria as it was originally established in the late nineteenth century but took its current name in the early twentieth century.
Before the current deal, Union Global Partners Limited held majority shares in UBN.
Titan Trust Bank is the newest commercial bank in Nigeria having begun operations about two years ago.
The Chairman of TTB is Tunde Lemo, a former deputy governor of the Central Bank of Nigeria. He is also the chairman of Flutterwave, a Financial Technology (FINTECH) company which has its headquarters in Lagos.
With the current deal, TTB has become the majority shareholder with 89.39% of UBN shares.
The acquisition will lead to a merger after due approval by the regulatory authorities.
The deal will strengthen the position of Flutterwave among other Fintech companies.
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