Nigeria: Union Bank Finalizes Merger with Titan Trust Bank to Drive Growth and Innovation

Union Bank of Nigeria Plc has announced the completion of its merger with Titan Trust Bank Limited, marking a significant consolidation in the Nigerian banking sector. The move follows the final approval granted by the Central Bank of Nigeria (CBN).

In a statement, Union Bank’s Managing Director and Chief Executive Officer, Mrs. Yetunde Oni, described the development as a major milestone that concludes a process initiated in 2021 with the signing of a Share Sale Agreement. She noted that the merger positions Union Bank as a stronger and more competitive institution within Nigeria’s financial services landscape.

Under the terms of the transaction, Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The enlarged institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.

With a combined network of 293 service centres and 937 ATMs nationwide, complemented by enhanced digital platforms, Union Bank is set to expand its reach across retail, SME, and corporate segments. The merger blends Union Bank’s century-old heritage with Titan Trust’s reputation for agility and innovation, creating a foundation for sustainable growth and broader financial inclusion.

Oni described the merger as a pivotal moment in the bank’s 108-year journey. “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, Mr. Bayo Adeleke, emphasized that the integration ushers in 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,” he noted.

He further assured customers that account details remain unchanged, and services will continue seamlessly. Customers will also benefit from an accelerated push towards innovative digital solutions.

The bank stated that the strategic consolidation strengthens its market position, enhances operational efficiency, and reaffirms its commitment to delivering a modern, inclusive, and robust banking experience across Nigeria.