Titan Trust Bank Takes Over Union Bank is the latest trending news in the Nigerian Banking system and it shows that the economy of Nigeria is seriously affecting commercial banks in Nigeria.
According to SaharaReporters, the Chief Executive Officer of the Nigerian commercial bank, Union Bank, Mr Emeka Okonkwo said “This transaction marks a significant milestone in the journey of our 104-year old Bank.
As Titan Trust Bank Takes Over Union Bank, it would be regarded as one of the current fastest growing lending firms in Nigeria, the decision the take over was reached after the major shareholders in union bank agreed to hand over 88% of the bank into the hands of the Titan trust bank firm.
Mrs Beatrice Hamza Bassey, who is the chairman of Union Bank made the following statement,
“ I wish to congratulate the board members of the Titan trust and Union Bank firms for reaching an agreement on the control and complete hand over of the shares and we would proceed to the next stage of the agreement to make improvements”
“ The Union Bank of Nigeria is one of the oldest and most recognised banks in Nigeria and we wish to thank all investors who made incredible supports to the growth and transformation of Union Bank in the past 9 years”
” In the past years, Union Bank recorded a customer growth of 6 million per annum and this would further encourage investors to make plans in their support for the bank”.
When making a statement, Mister Tunde Lemo, who is Titan trust bank’s chairman said,
“ This recent agreement between Union Bank and Titan trust bank’s board members would ensure that Titan trust Bank maintains a respectable position in the Nigerian banking sector as it reveals how we have improved in such a short time”.
” This deal would provide more advanced and customer friendly Services to our good investors and customers for an effective banking environment”.
According to Sahara reporters, Chief Executive Officer (CEO) of Union Bank, Mister Emeka Okonkwo said
“This recent agreement marks a significant milestone in the journey of our 104-year old Union Bank.
” I thank the supportive investors who made great efforts in improving the bank and following the recent deal with Titan trust Bank, we would create an environment which would favour the customers, staff members and stakeholders.
The Chief Executive Officer of Titan Trust Bank, Mr Mudassir Amray also made a statement on this development and it reads,
” As Titan Trust Bank Takes Over Union Bank, it marks the improvement Titan Bank has made over the past 2 years of its existence in Nigeria’s banking sector”.
” Titan Bank would ensure that a customer-friendly environment holds in all our branches and this is a delightful improvement for the Titan Bank group to be happy of”.
Apart from Union – Titan Trust Bank changes, Skye Bank was taken over by Polaris Bank in 2018 and Access & diamond banks merged to form a single bank.
All these changes in the Nigerian banking system are unpredictable one and no one knows the next commercial bank that would lose its sovereignty to another bank.