Valentine Okafor
Union Bank of Nigeria Plc, has made some clarifications with regard to trending reports about the announcement of the proposed acquisition of Union Bank UK Pic., UBUK, by Fidelity Bank.
It would be recalled that in 2020, Union Bank of Nigeria Plc., UBN, in a regulatory filing issued to the Nigeria Stock Exchange (NGX), announced that it had entered a Share Sale and Purchase Agreement to divest 100 per cent of its equity stake in Union Bank UK Plc following a competitive bid process.
This sale was in line with Union Bank’s strategy to streamline its focus on growth opportunities within Nigeria.
The Bank also referred to another regulatory filing issued to the Nigeria Stock Exchange (NGX) in June 2022 announcing the completion of a Share Sale and Purchase Agreement (SSPA) between Union Bank of Nigeria Plc’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), which effectively transferred 93.41 per cent of Union Bank’s issued share capital to TTB.
The Bank therefore reaffirmed that Union Bank UK, a former Union Bank of Nigeria subsidiary, was not included in the sale and as such the proposed sale of Union Bank UK stands alone and is not part of the recent transaction between Union Bank of Nigeria and Titan Trust Bank.
“As we celebrate our 105th anniversary, Union Bank of Nigeria remains committed to providing simpler and smarter solutions to all our customers, as we work to achieve our ambition to be Africa’s most reliable and trusted partner.” the Bank said.