Titan Trust Bank wins ‘Deal of the Year’ award at BAFI 2022
Titan Trust Bank Limited (TTB) and its Managing Director/ceo, Dr. Adaeze Udensi, shone at the 2022 edition of the Businessday Banks and Other Financial Institutions (BAFI) Awards held on Saturday in Lagos.
While TTB won the ‘Deal of the Year’ award, for its recent acquisition of 105-yearold Union Bank of Nigeria in barely three years of its establishment, Dr. Adaeze was adjudged the ‘Female Banker of the Year’.
According to the organisers, Businessday Newspapers, the bank clinched the award in recognition of its drive and tenacity in overcoming significant obstacles, complexity, regulatory hurdles, and setting the tone for the market or laying a template for future transactions.
“When the deal was first announced’ many had wondered how a 3-year-old institution had found the daring, backing and deal-making leverage to acquire a venerable institution.
Dr. Adaeze Udensi, Titan Trust Bank MD/CEO displaying her award as the ‘Female Banker of the Year 2022’ at the Businessday Banks and Other Financial Institutions (BAFI) Awards ceremony, held on Saturday 5th November, 2022 in Lagos.
“The sheer stealth and scale of the deal is worthy of recognition. This is because the potential of this deal to fundamentally reshape the banking industry is not in doubt,” the newspaper said.
Receiving the award on behalf of the bank, Mudassir Amray, Union Bank’s
Managing Director/ceo, said: “Recognitions such as this show that we are indeed doing something right, and I want to assure all our customers and stakeholders that we will continue to leverage on platforms and dedicated workforce to further strengthen our drive to the top.
“We promise to do all we can to ensure that our customers remain central to our decisions in every aspect and dimension of our remarkable organisation, and this is more than a clarion call to service excellence.
“We therefore dedicate this award to all our stakeholders including, customers, shareholders, board of directors, executive management and staff.”
Recall that Titan Trust Bank, in pursuit of an expansionary course with the objective of building a stronger brand capable of taking on a larger market share of a continent striving for financial inclusion, took the financial industry by surprise after it announced its acquisition of 93.41% holding in Union Bank of Nigeria, Nigeria’s second oldest lender in few years of its operation.
The deal, regarded as one of the largest acquisition deals in the history of Nigeria’s banking industry, with an off-market deal worth N191 billion, was however, formalized earlier this year with Tropical General Investments Limited (TGI Group), the parent company of TTB, becoming majority shareholder and core investor in UBN.
The deal has, however, received applause from shareholders, investors and industry watchers who have described it as a win-win for Nigerians and the Nigerian economy.
For Dr. Adaeze, the organizers said the award was conferred on the quintessential banker in utmost recognition of her outstanding leadership, vision, impact, contributions and accomplishments in the banking industry and the Nigerian economy.
The organisers specifically noted that “Dr. Adaeze’s effortless grace in handling strategic and highly demanding portfolios, frequently by growing market share in emerging areas, fending off competition in crowded markets, or achieving stretch goals assigned by the board of directors, were second to none.
“She is a corporate exemplar who over the course of her career has consistently exercised transformative leadership in different roles and institutions. She has built a verifiable record of driving growth across all relevant KPIS, created sustainable new economic opportunities for the bank’s customers and has also inspired a younger generation of bankers through her dedication, drive, and values.”
While receiving the award at the event, Dr. Adaeze said: “I am humbled by this unique recognition. This will definitely spur me to work harder to create more impact in the finance sector through Titan Trust Bank which has broken many grounds since its entry into the fray a few years ago.”