In 2021 Chairman of Titan Trust Bank founded in 2019, Tunde Lemo acquired 89.39% stake of Union Bank, by 2022 he (TTB) basically owned Union Bank. It could have been a full acquisition, but stakeholders couldn’t find common ground.
So instead of collapsing Union Bank to TTB, they collapsed TTB to Union Bank because of all the obvious reasons — CBN recapitalization deadline set for March 31st 2026.
In March 2024, CBN directed that International Licensed banks must have a minimum of ₦500bn share capital. National licensed bank (TTB) must have ₦200bn.
TTB was reportedly nearly ₦30bn short, hence the merger/acquisition by Union Bank, to save it.
For short: it’s supposed to be TTB taking over Union.. but recapitalization.
Now, TTB will cease to exist as a separate entity, as Union Bank have adopted its whole asset and operations.
— A blend of stability and innovation. As Union bank looks to modernize. TTB will continue operations under the Union Bank brand.
According to Yemi Cardoso, as at July, only 8 of 44 banks in the country have complied.
With this deal, Union Bank is set to join the list; Access, Zenith (these two even raised beyond the requirements, ₦602.8bn and ₦614bn respectively.)
Others who have complied are: Jaiz (₦20bn) Wema (₦200bn) Providus (₦50bn), Stanbic (₦200bn) StanbicGreenwich Merchant (₦20bn) and Lotus (₦20bn). (Requirements).
For TTB users, the process would be like Access & Diamond. Account numbers would remain the same.
