The shareholders also commended Titan Trust Bank’s transparency and trust in offering same MTO to both the minority and majority holders of Union Bank, a gesture not common in the Nigerian banking industry. This development has further consolidated TTB’s stance to protect Nigerians and their investments in the bank and create wealth for its shareholders.
As required by the Nigerian Exchange (NGX) regulations, the mandatory offer allows Titan Trust to purchase the remaining 6.59 per cent shareholding equivalent to N1, 927, 532, 558 (one billion, nine hundred and twenty-seven million, five hundred and thirty-two thousand, five hundred and fifty-eight) ordinary shares, a tender bid to be priced at N7.00 per share and offered at a premium above the market price, standing at N5.9 per share on Monday, the day the offer was announced.
The N7.00 per share was “the price at which the block trade was executed,” the bank said.
Titan Trust has received the Securities and Exchange Commission (SEC)’s approval to launch the MTO.
Since the announcement of the shares offer, some of the shareholders of UBN who spoke to our correspondent have expressed their excitement and commended the new owners and management of the bank for the offer.
Within a few months of the acquisition of Union Bank by the TGI Group, the retail lender is beginning to gain a lot of stability and also earn confidence of the public following the emergence of a new leadership team which the group has assembled to make the lender a bank of first choice for Nigerians in the very near future.
Business analysts are optimistic that the new measures and innovations being injected in UBN by TTB will pay off soon even as the lenders continue with their integration process.
TTB was established to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.