Union Bank, formerly part of Barclays Bank, said last week that mid-tier creditor Titan Trust Bank (TTB) had completed the acquisition of 93.41% of its shares from major existing investors, following the approval from regulatory authorities.
Afreximbank said it would support the newly merged entity in trade finance to promote intra- and extra-African trade and that Titan would be able to provide approximately $3 billion in medium-term financing and support the intra-regional trade financing.
Titan, a member of Tropical General Investment Group (TGI), a pan-African group with investments across seven African countries, began operations in Nigeria in October 2019 and has focused on public sector and merchant banking.
Union Bank was established over 100 years ago.
Titan has acquired the stake of a consortium of investors led by Union Global Partners and Atlas Mara, the African investment vehicle set up by former Barclays boss Bob Diamond.
