Finance

TTB secures Afreximbank financing for Union Bank Nigeria’s acquisition plan

Wednesday, 08 June 2022 18:20
TTB secures Afreximbank financing for Union Bank Nigeria’s acquisition plan

(Ecofin Agency) - The financial support comes days after Titan Trust Bank finalized the acquisition of 89.39% stake in Union Bank of Nigeria. 

The multilateral financial institution Afreximbank announced, Monday (June 6), a US$300 million Intra-African Investment Financing Facility to  Nigerian bank Titan Trust Bank (TTB). The funds will support TTB’s acquisition of majority stake in Union Bank of Nigeria.

The “financial support enables TTB to secure the acquisition of a well-capitalized bank with an extensive network, enabling the entity to better serve vital economic activities of the public sector, companies, and small and medium-sized enterprises. [...] The transaction will engender confidence in the Nigerian financial system, attract additional capital investments and support the financial inclusion of small-scale enterprises, women-led businesses, youth enterprises and start-ups that are critical to the successful implementation of the AfCFTA (Ed.note: African Continental Free Trade Area),” Afreximbank indicates. 

The support is announced days after Titan Trust Bank finalized the process for the acquisition of 89.39% stake in the century-old bank, Union Bank of Nigeria. The acquirer, which is a subsidiary of the diversified Tropical General Investment (TGI) group, merged its operations with the Union Bank of Nigeria to strengthen its presence and share in the Nigerian banking market.

Afreximbank explains it will continue to support the new entity in financing intra- and extra-African trade. On its part, TTB commits to providing US$3 billion in medium-term trade finance to small and medium-sized enterprises (SMEs). Part of this financing, i.e. US$600 million, will directly support intra-regional trade.

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