Union Bank of Nigeria has officially concluded its merger with Titan Trust Bank Limited, following the final regulatory approval from the Central Bank of Nigeria (CBN).
The bank made the announcement in a statement on Monday, marking the completion of a process that began in 2021 with a share sale agreement and culminated in the full acquisition of Union Bank by Titan in 2022.
“Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity,” the statement read.
Stronger Position Amid Capital Race
The consolidation comes as Nigerian banks scramble to shore up capital ahead of the CBN’s March 2026 deadline for new minimum capital requirements.
With this merger, Union Bank now boasts over 293 service centres and 937 ATMs nationwide, supported by a strengthened digital banking infrastructure.
“This strategic consolidation strengthens our market position and unlocks operational synergies,” the bank said. “It also aligns with our ambition to deliver a modern, robust, and inclusive banking experience for all.”
Leadership Speaks on the Milestone
Speaking on the merger, Managing Director and Chief Executive Officer of Union Bank, Yetunde Oni, described the move as a defining moment in the institution’s 108-year history.
“This is 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,” she said.
Chairman of the Board of Directors, Bayo Adeleke, echoed the sentiment, calling it the start of a “new era” focused on growth, collaboration, and shared prosperity.
“By bringing together the strengths of both institutions, we are committed to creating lasting value for customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda,” Adeleke said.
No Disruption to Services
Union Bank assured customers that the merger will not affect existing accounts or services. Account details will remain unchanged, and customers will continue to access all products and services seamlessly.
“There will be no disruption. We are also accelerating our push towards enhanced digital solutions,” said the bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko.
Looking Ahead
The merger enhances Union Bank’s ability to serve a wider range of customers across the retail, SME, and corporate segments. It also signals a shift in Nigeria’s banking landscape, as institutions consolidate to meet regulatory demands and compete in a rapidly evolving financial environment.
In November 2023, Union Bank had announced plans to delist from the Nigerian Stock Exchange, further signalling its long-term restructuring goals.
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