ABUJA (Reuters) – Nigeria’s newest lender Titan Trust Bank has raised $300 million from African Export Import Bank (Afreximbank) for its buyout of Union Bank, Afrexim bank said on Monday.
Union Bank, once part of Barclays Bank, said last week that mid-tier lender Titan Trust Bank (TTB) had completed the acquisition of 93.41% of its shares from existing core investors following regulatory approval.
Afreximbank said it would support the new merged entity in trade finance to promote intra- and extra-African trade and that Titan would be able to provide financing of about $3 billion over the medium-term and support intra-regional trade finance.
Titan, a member of the Tropical General Investment (TGI) Group, a pan-African group with investments across seven African countries, started operations in Nigeria in October 2019 and focused on public sector and business banking.
Union Bank was set up more than 100 years ago.
Titan 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.
(Reporting by George Obulutsa; Writing by Chijioke Ohuocha. Editing by Jane Merriman)
