TGI Group, owners of Titan Trust Bank on Thursday, 2rd of June completed the takeover of Union Bank as it finally brought to closure the transaction which has enabled the conglomerate acquire the controlling share in Nigeria’s second oldest bank.
As a result the final takeover, the Board of Directors of Union Bank has announced the appointment of Mr. Mudassir Amray as the Chief Executive Officer, effective 2nd June 2022.
Mr. 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 geographical area (USA, Nigeria, Malaysia, Hong Kong, Singapore and Pakistan) in the course of his career at Citibank and other foreign and local banks.
He holds an MBA from the University of Santo Tomas and a Bachelor of Commerce from National College, University of Karachi
Prior to his latest appointment, he led the establishment of Titan Trust Bank Limited and subsequently became the bank’s pioneer CEO in October 2019.
The Board of Directors of Union Bank of Nigeria also notified the NGX of the retirement of Mr. Emeka Okonkwo as Chief Executive Officer, effective 2nd June 2022 after overseeing a seamless transition of management.
The statement said that Mr. Okonkwo implemented the Bank’s new strategy focused on regional coverage and continued the growth trajectory that we have seen in 2021.
“Mr. Okonkwo looks forward to supporting the incoming CEO and core investor during the transition period”,the statement added.
Also, Union Bank has confirmed Mr. Farouk Mohammed Gumel as its new chairman.
Gumel is the Group Executive Director for TGI Group and also the Chairman of Wacot Rice Ltd, a subsidiary company of TGI Group, and non-executive chairman at the Nigeria Sovereign Investment Authority (NSIA).
Prior to joining TGI, Gumel was a Partner at PwC and Head of the West African Advisory/Consulting business, covering Nigeria, Ghana, Liberia, Sierra Leone, and Angola.
They will be assisted on the board by Mr. Andrew Ojei, a non-executive director; Mr. Abubakar Mohammed, a non-executive director; and Mr. Lawrence Mackombo, a non-executive director
Furthermore, a significant change to the composition of its board of directors following the transfer of 93.41 percent of the bank’s issued share capital to Titan Trust Bank Limited was made public.
With the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank,” , the bank said in a notification to the management of the Nigerian Exchange (NGX).
The ownership transfer excludes Union Bank UK, a subsidiary of Union Bank of Nigeria, which also has been sold off, with the proceeds of divestment to all the shareholders of the latter as of March 4, 2022.
Furthermore, the Lender’s statement, said 10 board members of the company have retired to pave a way for nominees of the new owners.
The chairman of the bank, Mrs. Beatrice Hamza Bassey also retired along with the chief executive officer, Mr. Emeka Okonkwo. They will no longer be on the board with effect from Thursday, June 2, 2022.
Other board member who retired from include Mrs. Obafunke Alade-Adeyefa, an independent non-executive director; Mr. Richard Burrett, a non-executive director; Mr. Ian Clyne, a non-executive director; Mr. Kenroy Dowers, a non-executive director; Mr. Paul Kokoricha, a non-executive director; Mr. Taimoor Labib, a non-executive director; Mr. Mark Patterson, a non-executive director; and Mr. Emeka Ogbechie, a non-executive director.
