Global law firm Norton Rose Fulbright has advised Titan Trust Bank Limited (TTB) on its acquisition of NGX-listed Union Bank of Nigeria PLC (Union Bank).
Union Global Partners Limited, Atlas Mara Limited and other shareholders have divested their shareholdings, totalling 93.4%, in Union Bank to TTB. The transaction was settled on the NGX following the satisfaction of regulatory approvals and other conditions.
TTB is the newest and fastest growing national commercial bank in Nigeria named ‘Best Trade Finance Provider in Nigeria’ for 2022 by Global Finance for the second year running. It has a strong focus on digital banking. Union Bank is one of Nigeria’s oldest financial institutions with a network of over 280 sales and service centres across the country and a UK regulated subsidiary, Union Bank UK Limited (which does not form part of the acquisition).
Bayo Odubeko, who is ranked as a leading individual in Chambers for Africa-wide and Nigerian corporate/M&A, led the Norton Rose Fulbright team advising on the transaction. He was assisted by senior associate Matthew Eccles and associate Dominica Cole. Partner James Dunnett and consultant Ksenia Orlova advised on the acquisition financing provided by Afrexim Bank. Partner Michael Alliston and senior associate Kyle Rainsford provided tax advice. Regulatory advice was provided by Imogen Garner and Hannah MacAslen.
Bayo commented: “Nigeria’s financial services sector continues to attract strong interest with its significant unbanked and underbanked population. With the rapid digitisation of financial services sector in Nigeria, a combination of Titan Trust Bank with its leading digital offering and one of Nigeria’s largest banks by number of account holders and most recognisable brands, is expected to form a formidable new banking organisation in Africa’s largest economy. We are delighted to have advised Titan Trust Bank on one of the largest acquisition financed transactions outside of the resources sector. This transaction exemplifies the cross border multi-disciplinary expertise of Norton Rose Fulbright.”
Norton Rose Fulbright has advised on deals in Africa across all major industry sectors for more than 30 years, advising both on transactions and on-going commercial operations.