Union Bank of Nigeria said it has notified all stakeholders about the final process of obtaining approval to delist its shares from the Nigerian Exchange Group (NGX).
The bank said in a statement that, upon completion of the process, its shareholders would receive a scheme consideration of N7.70 per share.
Last May, Union Bank had received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders in the bank after the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group. The acquisition led to the application to delist Union Bank of Nigeria Plc from the Nigeria stock market.
This development was implemented by way of a scheme of arrangement between the bank and the bank’s shareholders (the minority shareholders), by Section 715 of the Companies and Allied Matters Act 2020 (as amended).
On the development, CEO of Union Bank of Nigeria, Mudassir Amray, said: “This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer Banks in Nigeria. We remain committed to deliver value to our customers, employees and shareholders through superior solutions. We appreciate the support of the Central Bank of Nigeria, Securities Exchange Commission, NGX and every other agency and parastatal that were instrumental to achieving this”.
Originating from Colonial Bank in 1917, and transforming thereafter to Barclays Bank (1925) and Union Bank of Nigeria (1979), the bank is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, Small and Medium-sized Enterprises (SMEs), commercial and corporate clients.
With a robust geographical network comprising more than 300 service centres and over 950+ ATMs spread across Nigeria, Union Bank has said it remains committed to helping individuals, families and businesses grow for over a century.
It said: “We are committed to being widely recognised as Nigeria’s most reliable and trusted banking partner. Our ambition is hinged on successfully delivering against six strategic pillars including the quality of our customer experience, client base, talent, banking platform, professional standards and earnings”.
