Titan Trust Bank Limited has responded to allegations regarding the acquisition of Union Bank Limited, asserting that the process was conducted transparently.Thank you for reading this post, don't forget to subscribe!
The bank clarified that the acquisition involved a Share Sale and Purchase Agreement with bulk shareholders, constituting 93.41% of Union Bank’s share capital.
Reputable firms, including PricewaterhouseCoopers, Drey Law Practice, Norton Rose Fulbright, and Citibank London, were engaged for due diligence.
The acquisition, funded by a mix of debt and equity injection, underwent a rigorous bidding process. Certificates of Capital Importation were provided for the funds received, and the $300 million acquisition facility from Afreximbank had a 6.25% margin and 30-month moratorium.
Regulatory approvals were obtained from the Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Exchange Limited, and Federal Inland Revenue Service.
After acquiring a 93.41% controlling interest in Union Bank on June 1, 2022, Titan Trust Bank effected a change in control, dissolving the former Board and reconstituting a new Board with fresh leadership.
The statement emphasizes the professionalism and openness of the acquisition process.