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Nigeria: Titan Trust Bank plots expansion as 2021 profit on course to double

By David Whitehouse

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Posted on July 26, 2021 06:19

Titan Trust Bank Executive Director Adaeze Udensi.
Titan Trust Bank Executive Director Adaeze Udensi. Photo supplied.

Nigerian challenger bank Titan Trust Bank is “very much on track” to achieve its target of doubling net income in 2021, executive director Adaeze Udensi tells The Africa Report.

The bank is “looking at opportunities to scale up”, which may include making acquisitions, going public or selling a eurobond, Udensi says in Lagos. “Everything is on the table.”  Titan Trust plans to expand its branch network with about 10 new branches in the next six to 12 months, she says, with new branches in Abuja and Apapa close to being ready.

  • For now, the focus is on organic growth, she says. “Our model has worked.”

Titan Trust Bank started operating as a commercial national bank after obtaining its license in April 2019.​ It has been able to grow by improving speed and efficiency of customer service, Udensi says. “Customer experience was at a major low, especially in retail,” when the bank opened. “The market had lost trust” in Nigerian banks, she says.

The bank is led by CEO Mudassir Amray, a former Citibank executive, and Titan Trust counts Citibank as a correspondent bank.

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