Titan Trust Bank Limited has completed the acquisition of Union Bank Plc via an 84 percent stake.
The news of the deal was announced on Thursday by Union Bank on Thursday in a statement to the Nigerian Exchange Limited (NGX).
“Completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent", the statement reads.
The successful takeover will pave the way for Titan Trust to have the largest equity stake by a single investor in any of the nation's publicly quoted banks.
The implication is that only a limited part of Union Bank's shares will be available in the open market except a corporate resolution is made to sell parts of the newly-bought interest.
Titan Trust Bank has an alliance with Citibank, headquartered in New York, which serves it as a correspondent bank.
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