In order to support its acquisition of a majority stake in Union Bank Plc, Nigeria (UBN), Titan Trust Bank (TTB) has secured a US$300 million Intra-African Investment Financing Facility from African Export-Import Bank (Afreximbank). Afreximbank’s financial support enables TTB to secure the acquisition of a well-capitalised bank with an extensive network, helping it to better serve vital economic activities of the public sector, companies, and small and medium-sized enterprises. Afreximbank will continue to support the newly merged entity in trade finance to promote intra- and extra-African trade through its broad range of programmes and initiatives, including the Afreximbank Trade Facilitation Programmes (AfTRAF) and AfPAY, the Bank’s international payment services. He added that “Afreximbank is one of a handful of organisations that remain bullish in Africa in this period of global uncertainty. The newly merged entity will continue to work with Afreximbank to support businesses to promote intra- African trade.”

Source: Nigerian Tribune June 07, 2022 18:44 UTC