PAC Capital Limited, the investment banking division of PanAfrican Capital Holdings, successfully raised $300 million in funds from the African Export Import Bank (Afreximbank), on behalf of Titan Trust Bank, to support the acquisition of controlling interest in Union Bank Plc, PAC Capital CEO, Humphrey Oriakhi, has said.
In a statement shortly after the deal was sealed, Oriakhi said: “Specifically, the concerted financing completed the necessary funds for the acquisition. “PAC Capital Limited played a vital role in arranging some of the acquisition consideration for this landmark transaction in which TTB acquired a majority stake in UBN. We sincerely thank PAC Capital and Afreximbank for supporting the deal with the utmost professionalism and efficiency,” said Mudassir Amray, former CEO of Titan Trust Bank and now CEO of Union Bank. “The funding was closed in record time,” Mudassir added. This acquisition is expected to enhance the competitive dynamics of the Nigerian banking sector, while maintaining confidence in the Nigerian financial services industry and broader financial stability.
The development impact of the acquisition, as stated by Afreximbank, is immense, as TTB plans to leverage the merged entity to provide financing of approximately $3 billion over the medium term, of which more than $600 million will support directly the financing of intra-regional trade. PAC Capital Limited is the investment banking and advisory arm of PanAfricanCapital Holdings, with an excellent track record of successful fundraising and financial advisory services in the aviation, financial services, telecommunications, power and energy, oil and gas, agri-food sectors and hospitality in Nigeria and beyond. The investment banking firm was honored as “Nigeria‘s Best Investment Banking and Advisory Firm 2022″ by the World Business Outlook Awards shortly after the landmark deal closed.