Titan Trust Bank of Nigeria has completed the acquisition of 93.41% of the shares of Union Bank from existing major investors. Union Bank officials said the acquisition follows the receipt of regulatory approvals.

Union Bank, a former unit of Barclays Bank established more than 100 years ago, said it has completed the sale of its U.K. subsidiary to existing shareholders, adding that it was not part of the Titan deal. The acquisition involves a consortium of investors led by Union Global Partners and Atlas Mara, the African investment vehicle. The mid-sized creditor said Titan has appointed a new board of directors with Mudassir Amray as chief executive. He added that the current board members stepped down following the acquisition.