ABUJA (Reuters) – Nigeria’s Titan Trust Bank has completed the acquisition of 93.41% of Union Bank shares from existing core investors following receipt of regulatory approvals, Union Bank said on Thursday.
Union Bank said Titan Trust acquired the stake from a consortium of investors led by Union Global Partners and Atlas Mara, the African investment vehicle set up by former Barclays boss Bob Diamond.
The mid-tier lender said Titan has appointed a new board with Mudassir Amray as chief executive. It added that existing board members have retired following the acquisition.
Union Bank, a former unit of Barclays Bank, set up more than a 100-years ago, said it has completed divestment of its UK subsidiary to existing shareholders, adding that it was not part of the Titan transaction.
Shares in Union Bank, which have gained 37% since the deal was announced in December, closed flat at 6.65 naira each on Thursday.
(Reporting by Chijioke Ohuocha; Editing by Holland Hereward, Kirsten Donovan)
