Verod Capital has acquired Union Trustees, a fully owned subsidiary of Union Bank of Nigeria.

The acquisition was made via Verod Capital’s Fund II along with the management team of Union Trustees.

“We are delighted to be partnering with Union Trustees’s management team in this rapidly growing industry,” said Eric Idiahi, Deputy Managing Director of Verod Capital.

“Their experience and reputation make them one of the leading Trust service companies in Nigeria.”

Terms of the deal were not disclosed.

This is the third investment in Verod Capital’s Fund II.

Union Trustees is duly licensed and registered by the Securities and Exchange Commission as Trustees and Fund and Portfolio Managers.

The Lagos-based Union Trustees is well known as one of the top corporate trustees’ and fund managers in the industry with an established reputation as a market leader.

Union Trustees main lines of business operations are trusteeship services, nominee services and fund/portfolio management.

Clients include state governments, parastatals, corporations and individuals and a strong management team with over 81 years of combined financial services experience.

The partnership between Union Trustees and Verod Capital, including one of Verod’s European investors that co-invested in the deal, will allow for services to be delivered through highly skilled personnel and world class technology.

Additionally through extensive investment in technology, international best practices and expertise will be used to better serve clients around the world.

Olufunke Aiyepola, CEO of Union Trustees, said: “Our commitment to provide our customers with premium solutions remains paramount. We are very excited to have Verod Capital join us in the next phase of our growth as we continue to be the gold standard in our industry.”