Titan Trust Bank (TTB) has received a $300 million intra-African Investment Financing Facility from Afreximbank to help it acquire a majority share in Union Bank of Nigeria (UBN) plc.
Amadou Sall, Afreximbank’s media contact, confirmed this in a statement released by the pan-African bank yesterday.
The agreement, according to Sall, will improve the competitive dynamics of the Nigerian banking market while retaining confidence in the country’s financial services and overall financial stability. The newly disbursed facility, he said, will help supplement the monies needed for the anticipated acquisition.
“Afreximbank’s financial support enables TTB to secure the acquisition of a well-capitalised 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.’’
TTB would use the UBN acquisition to boost its capacity to take advantage of the African Continental Free Trade Area’s unrivalled potential, he said (AfCFTA).
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