Union Bank of Nigeria on Sunday announced the successful completion of a merger deal with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN).
The bank’s Head of Brand and Marketing Officer, Mrs. Olufunmilola Aluko, in a statement said the milestone concludes a process that began with the signing of a Share Sale Agreement in 2021 and positions Union Bank as an even stronger force within Nigeria’s financial services sector.
Under the terms of the merger, Union Bank has fully absorbed Titan Trust Bank’s operations and assets.
The statement added that the combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.
This comes amidst the recapitalisation programme of the CBN which expires in March 2026 with deposit money banks (DMBs) struggling to meet the deadline.
With the merger with Titan Trust, analysts say Union Bank has been further strengthen to cross the recapitalisation hurdles.
In the statement announcing the merger, Union Bank said with an expanded footprint of over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, it is poised to deliver enhanced value across retail, SME, and corporate segments.
“The merger combines Union Bank’s trusted heritage with Titan Trust’s agility and innovation, creating a platform for sustainable growth and broader financial inclusion,” the statement added.
Union Bank’s Managing Director and Chief Executive Officer, Mrs. Yetunde Oni, described the development as “a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers. By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”
Chairman of the Board of Directors, Mr. Bayo Adeleke in his comment said: “This is a new era of growth, collaboration, and shared prosperity. By bringing together the strengths of both institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.”
The Bank has assured customers that there will be no disruption to existing services, adding, “Account details remain unchanged, and customers will continue to access a full suite of products and services seamlessly, with an accelerated push towards enhanced digital solutions.
“This strategic consolidation strengthens Union Bank’s market position, unlocks operational synergies, and underscores its ambition to deliver a modern, robust, and inclusive banking experience for all.”
