Titan Trust Bank completes its acquisition of Union Bank and names a new CEO


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Following the sale of majority interests to Titan Trust Bank Limited, Mudassir Amray has been named as the new chief executive officer (CEO) of Union Bank.

Union Bank’s secretary, Somuyiwa Sonubi, revealed this in a statement released on Thursday.

Prior to his appointment, Amray was instrumental in the founding of Titan Trust Bank, and in October of this year, he was named the bank’s first CEO.

Union Bank said in December 2021 that, pending to regulatory approvals, it will “transfer 89.39 percent of its share capital to TTB.”

TTB and its primary shareholders — Union Global Partners Limited, Atlas Mara Limited, and others — have reached an agreement.

Meanwhile, Union Bank announced that it has completed the divestiture of its full shareholding stake (direct and indirect) in its subsidiary, Union Bank (UK) Plc, to all shareholders listed on the bank’s books as of March 4, 2022, “per rata to their current shareholding interests in the bank.”

As a result, UBUK is not included in the Titan Trust Bank transaction, according to the financial institution.

Union Bank also announced the retirement of directors from its board

Beatrice Hamza Bassey resigned down as CEO and Emeka Okonkwo stepped down as chair/non-executive director.

“I am very happy of all that we accomplished together during a revolutionary moment for the Bank following the massive recapitalization of the Bank by the outgoing investors,” Bassey, the former head of the board, stated on behalf of the outgoing directors.

“We reshaped the bank by investing significantly in technological infrastructure, hiring a capable management team, attracting a talented and diverse workforce, establishing a first-rate governance structure, digitizing the bank, introducing innovative products and channels to better serve our customers, becoming a leader in sustainability, attracting significant funding, particularly from DFI partners, and launching the innovative Alpher Women’s Initiative, which will help u”

Farouk Mohammed Gumel, the current head of the board of the Nigeria Sovereign Investment Authority, has been named the next chairman.

“TGI Group’s Group Executive Director is Farouk Gumel. He also serves as Chairman of the Board of Directors of Wacot Rice Ltd, a TGI Group subsidiary, and as Non-Executive Chairman of the Nigeria Sovereign Investment Authority (NSIA),” according to the release.

Mr. Gumel was a Partner at PwC and Head of the West African Advisory/Consulting business, which covered Nigeria, Ghana, Liberia, Sierra Leone, and Angola, prior to joining TGI.”

Obafunke Alade-Adeyefa, Richard Burrett, Ian Clyne, Kenroy Dowers, Paul Kokoricha, Taimoor Labib, Mark Patterson, and Emeka Ogbechie, among others, resigned as board members.

Andrew Ojei, Abubakar Mohammed and Lawrence Mackombo were appointed as non-executive directors of the company. 

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