Union Bank of Nigeria has completed its merger with Titan Trust Bank Limited, following a final approval from the Central Bank of Nigeria (CBN).
The deal comes three years after Titan Trust acquired majority shares in Union Bank, one of Nigeria’s oldest and most respected financial institutions, in 2022. It also happens at a time Nigerian banks are racing to meet the CBN’s new minimum capital requirements ahead of the March 2026 deadline.
Under the new arrangement, Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined entity will now continue under the Union Bank brand, while Titan Trust ceases to exist as a separate institution.
Union Bank now boasts over 293 branches and 937 ATMs nationwide, backed by stronger digital platforms. The bank says this consolidation blends its 108-year-old heritage with Titan Trust’s agility and innovation, creating a stronger base for growth, financial inclusion, and value delivery across retail, SME, and corporate banking.
Olufunmilayo Aluko, Union Bank’s Chief Brand and Marketing Officer, described the merger as the conclusion of a journey that started in 2021 with the signing of a share sale agreement.
Managing Director and CEO, Yetunde Oni, called it “a pivotal moment” for the bank.
“By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner,” Oni said.
Board Chairman, Bayo Adeleke, also noted that the merger signalled “a new era” of growth, collaboration, and shared prosperity for stakeholders.
The bank assured customers there will be no disruption to services. Account details remain unchanged, while digital services will be further strengthened to improve customer experience.
In November 2023, Union Bank had also announced plans to delist from the Nigerian Stock Exchange as part of its restructuring process.
