Farouk Gumel Becomes Chair As Titan Trust Bank Completes Union Bank Acquisition
Union Global Partners Ltd. (UGPL) the holder of a majority shareholding in Union Bank of Nigeria Plc has announced the completion of the sale of 89.39 per cent majority stake of its shares to Titan Trust Bank Limited.
The Group had in December 2021 commenced the process of the sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.
In a disclosure on Thursday, the lender announced the transition of the bank into a new holding company which heralded the appointment of a new Chief Executive officer and chairman.
According to the statement, Mudassir Amray was appointed as the Chief Executive icer, while Farouk Mohammed Gumel was named as the Bank’s Chairman.
The statement added that the Central Bank of Nigeria(CBN) also approved the appointment of Andrew Ojai, Non-Executive Director, Abubakar Mohammed, Non-Executive Director and Lawrence Mackombo ss a Non-Executive Director.
“Following Union Bank of Nigeria Plc’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between the Bank’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies Nigerian Exchange Limited (NGX), the Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Bank’s issued share capital to TTB,” the statement reads.
Commenting on behalf of the outgoing Directors, erstwhile Chair of the Board, Beatrice Hamza Bassey said: “Earlier today we reached a significant milestone with the Completion, after regulatory approvals, of the epoch-making transaction announced in December 2021 between the Bank’s core shareholders and Titan Trust Bank. As is normal for transactions such as this, the current board and CEO Mr Emeka Okonkwo retired and handed over the reins of the Bank to a new Board and Mr Mudassir Amray as CEO. The entire Board congratulates the parties on this landmark transaction.
“It has been a privilege and honour to have chaired and served on the Board that oversaw the preservation and transformation of one of Nigeria’s most iconic institutions. The significant investments made over the last ten years by the outgoing investors, along with the vision, astute counsel and direction of our Directors helped us implement the strategic objectives that we set and laid the foundation for this new era of growth for the Bank.
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“I extend my heartfelt thanks and gratitude to Mr Okonkwo, the Management team and the entire staff of the Bank as well as the retiring directors for their diligent and committed service over the years. I am also grateful for the trust that our minority investors placed in us for managing and running the Bank. I am very proud of all that we accomplished together during a transformative period for the Bank following the significant recapitalization of the Bank by the outgoing investors. We reshaped the Bank with significant investments in the technological infrastructure, hired a capable management team, attracted a talented and diverse workforce, established a first-rate governance structure, digitized the bank, introduced innovative products and channels to better serve our customers, and became a leader in sustainability, attracted significant funding, especially with DFI partners, and launched the innovative Alpher Women’s Initiative which will help us further accelerate financial inclusion.
“We wish Titan Trust Bank, the incoming Board of Directors and Mr Amray every success for the future and look forward to seeing the Bank continue from strength to strength in servicing the financing needs of our customers.”
On the appointment of a new CEO, the bank said, “Mudassir Amray is a seasoned banker with well-rounded exposure of over 25 years in senior management roles and a proven track record of adaptability in six geographies (USA, Nigeria, Malaysia, Hong Kong, Singapore and Pakistan) in the course of his career at Citibank and other foreign and local banks.
“Before being appointed the Chief Executive Officer for Union Bank, Amray led the establishment of Titan Trust Bank Limited and subsequently became the Bank’s pioneer CEO in October 2019. He holds an MBA from the University of Santo Tomas and a Bachelor of Commerce from National College, University of Karachi.”
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