Chairman of Titan Trust Bank Limited, Tunde Lemo, has said his shareholding in the bank, which is acquiring a majority stake in Union Bank of Nigeria Plc, is very small.
Lemo, a former deputy governor of the Central Bank, said this in a statement on Friday, a day after the announcement that the bank had reached an agreement to acquire 89.39 per cent stake in Union Bank.
According to him, it had become necessary to make clarification on the structure of the bank following interest it generated after the announcement of Union Bank acquisition.
He said, “I, however, need to make more clarifications on the ownership structure of Titan. The bank is 85 per cent owned by Vinc Corporation – a foreign company.
“The local shareholders own the balance and shareholding is dispersed. My shareholding is therefore very tiny and insignificant. I am only providing leadership.”
On Thursday, the board of Union Bank announced that its investors, Union Global Partners Limited, Atlas Mara Limited and other shareholders, had reached an agreement with Titan Trust Bank to divest their shareholding in Union Bank to TTB.
“The agreement, which is subject to regulatory approvals and other financial conditions, will upon completion, transfer 89.39 per cent of Union Bank’s issued share capital to TTB,” it said in a statement.
Lemo was quoted in the statement that the transaction marked a key step for Titan Trust in its strategic growth journey and propelled the institution to the next level in the Nigerian banking sector.
“The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model, which promises to enhance the product and service offering for our combined valued customers,” he said.