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PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings, today announced that it has successfully raised US$300 million funding from the African Export-Import Bank (Afreximbank) on behalf of Titan Trust Bank to support the acquisition of majority stake in Union Bank Plc.

It is expected that this acquisition will enhance the competitive dynamics of the Nigerian banking sector while maintaining confidence in Nigeria’s financial services industry and broader financial stability.

The development impact of the acquisition as stated by Afreximbank is immense as Titan Trust Bank plans to leverage the merged entity to provide financing of about US$3 billion over the medium term of which over US$600 million will directly support intra-regional trade finance.

PAC Capital Limited has a track record of successful fundraising and financial advisory services across aviation, financial services, telecommunications, power & energy, oil & gas, agro-allied and hospitality industries in Nigeria and across and beyond Africa.