Titan Trust Bank Completes Takeover Of Union Bank - Matrixliveng
Titan Trust Bank Completes Takeover Of Union Bank

Titan Trust Bank Completes Takeover Of Union Bank

Two years after its establishment, Titan Trust Bank Limited has completed the takeover of over-a-century-year-old Union Bank leading to a massive shake-up.

Following the takeover, Mudassir Amray stepped in as the new Chief Executive Officer of Union Bank as Beatrice Hamza Bassey retired from her position as chair/non-executive director while Emeka Okonkwo stepped down as Chief Executive Officer (CEO).

Union Bank also announced the retirement of directors from its board.

These developments were announced by Somuyiwa Sonubi, Union Bank’s Secretary in a statement issued on Thursday while announcing the reshuffling of the board of the bank.

Commenting on behalf of the outgoing directors, Bassey, the erstwhile chair of the board, said:

“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.”

Amray, who will step in as the new CEO is a seasoned banker with experience spanning across foreign and local banks in over 25 years in senior management roles and a proven track record of adaptability in six geographical regions including the USA, Nigeria, Malaysia, Hong Kong, Singapore and Pakistan.

He obtained his Bachelor of Commerce from National College, University of Karachi, and then went further to get MBA from the University of Santo Tomas.

His experience cuts across corporate banking, investment banking, treasury, trade, and a bit of retail banking, giving him the balance needed to drive effectiveness.

Before he was appointed the new CEO of Union Bank, Amray led the establishment of Titan Trust Bank Limited and subsequently became the Bank’s pioneer CEO in October 2019.

Before moving to Titan Trust Bank, Amray was with Citibank New York where he spent most of his career, holding various senior positions at Citibank and other foreign & local banks throughout his career.

Recall that Titan Trust Bank Limited completed the takeover of Union Bank following the sale of majority stakes to Titan Trust Bank Limited.

In December 2021, Union Bank had announced that subject to regulatory approvals, it would “transfer 89.39 per cent of its share capital to TTB”.

The agreement is between its majority shareholders — Union Global Partners Limited, and Atlas Mara Limited, among others – and TTB.

Union Bank also said it has completed the divestment of its entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc, to all the shareholders in its records as of March 4, 2022, “pro-rata to their existing shareholding interests in the bank”.

Consequently, UBUK is not included in the transaction with Titan Trust Bank, the financial institution said.

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