Union Bank on Thursday announced that Titan Trust Bank Limited (TTB) has acquired a majority stake in its shares.
Gatekeepers News reports that Titan Trust acquired a total of 89.39 percent shares as Union Bank‘s investors Union Global Partners Limited, Atlas Mara Limited and other shareholders agreed to divest their shareholding to TTB.
Following the development, many Nigerians have been wondering how a financial institution like Titan Trust which is ‘barely known’ by all, is able to take over Union Bank.
What We Know
Titan Trust Bank Limited was established on December 12th, 2018 with the aim to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporate institutions.
Titan Trust started operating fully as a commercial National Bank after obtaining its National Banking license on the 26th of April, 2019.
Titan Trust Bank’s license is the first National Banking license that the Central Bank of Nigeria has granted in the last ten years.
The management team is led by seasoned bankers, Mudassir Amray, the group managing director/CEO, and Adaeze Udensi, PhD, executive director and Tunde Lemo, chairman.
In June 2021, the Central Bank of Nigeria (CBN) appointed Titan Trust Bank as a designated bank for the collection of fees under the Nigeria Export Supervision Scheme (NESS). NESS levy is a statutory payment to the federal government, which is charged at 0.50 percent of the export value. The apex bank collects the fees through designated banks on behalf of FG.
It recently launched and deployed the latest version of Oracle’s FCCM module, powering its AML/CFT infrastructure, used in over 120+ sites by top global banks. It has also invested in top-notch infrastructure for AML/KYC, as well as the Oracle Financial Services Analytical Application (OFSAA) to ensure rigorous analysis and measurement of its risk-performance objectives.
The bank’s digital platforms include; the Titan Mobile Application, Titan Internet Banking platform and the Titan *922# Unstructured Supplementary Service Data (USSD) solution.
The bank, in just two years of operation, won the Global Finance Magazine World’s Best Trade Finance Providers Awards for ‘Best Trade Finance Provider in Nigeria’ for the Year 2021 and 2020, two times in a row.
With the speed at which the bank is able to find its feet on the floor of the Nigerian banking sector, it won’t be surprising if it becomes one of the fanciest financial institutions in terms of delivery and impact on its customers.
