Fear of unknown looms in Union Bank as Titan Trust Bank takes over

Following the acquisition of Union Bank Plc by Titan Trust Bank Limited, a subsidiary of TGI Group, there are strong indications that a mass resignation is brewing at the bank as most of its staff are already considering resigning.

This situation is coming just a day after the bank announced board changes that resulted in the resignation and subsequent retirement of the directors from the board of Union Bank and the appointment of new directors.

According to a member of the staff of the bank who spoke on the condition of anonymity, some staff were advised to resign just like the former directors while others are resigning or mulling resigning out of fear of being sacked.

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It was gathered that some of the staff are already in fear that they could be sacked should the new owner decide to downsize or close some branches of the bank spread across the length and breadth of the country.
However, when our reporter put a call across to the corporate department, the staff said there was no such incident. The source said the workers are happy over the acquisition and in high spirit for optimum performance.
Bank acquisitions in Nigeria often deliver mass resignations or corporate downsizing even though the Central Bank has in recent years forced banks to reduce the impact.
Considering that Titan Trust bank is a much smaller bank when compared to Union Bank, it is unlikely that the resignations will be as significant as feared.

What you should know

Following the acquisition of a majority stake in Union Bank by Titan Trust Bank Limited, the appointment of Mr. Mudassir Amray as the Chief Executive Officer, and Mr. Farouk Mohammed Gumel as the Bank’s Chairman was announced.
The Board of Directors of Union Bank had notified the NGX of the retirement of Mr. Emeka Okonkwo as Chief Executive Officer, effective 2nd June 2022.
According to the Bank, Mr. Okonkwo looks forward to supporting the incoming CEO and core investor during the transition period.
Other directors that retired include Mrs. Beatrice Hamza Bassey, Chair/Non-Executive Director; Mrs. Obafunke Alade-Adeyefa, Independent Non-Executive Director; Mr. Richard Burrett, Non-Executive Director; Mr. Ian Clyne, Non-Executive Director; Mr. Kenroy Dowers, Non-Executive Director; Mr. Paul Kokoricha, Non-Executive Director; Mr. Taimoor Labib, Non-Executive Director; Mr. Mark Patterson, Non-Executive Director; and Mr. Emeka Ogbechie Non-Executive Director.