Atlas Mara Sells Off Nigerian Bank Stake to Titan Trust in Exit

Atlas Mara Ltd. is selling off its biggest remaining asset as it unwinds an almost decade-long attempt to create a pan-African bank.

Titan Trust Bank agreed to acquire Atlas Mara’s stake in Union Bank of Nigeria Plc, it said Thursday in a statement. The deal is part of a larger transaction that will see Titan Trust buy almost 90% of the shares in UBN from several investors.

Atlas Mara, co-founded by former Barclays Plc Chief Executive Officer Bob Diamond, was delisted from the London Stock Exchange last month as it undoes an expansion that saw it misjudge competition ...