Union Bank of Nigeria on Monday announced the completion of its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN).
The milestone comes three years after Titan acquired Union Bank in 2022, marking a significant shift in Nigeria’s financial services landscape.
According to a statement, the consolidation means Union Bank has fully absorbed Titan Trust Bank’s operations and assets, while Titan Trust ceases to exist as a separate entity. The merged entity will continue to operate under the Union Bank brand.
A Stronger Banking Institution
Union Bank now boasts an expanded footprint of over 293 service centres and 937 ATMs nationwide, backed by stronger digital platforms designed to serve retail, SME, and corporate customers.
“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 read.
Olufunmilola Aluko, Union Bank’s Chief Brand and Marketing Officer, noted that the merger concludes a process that began with the signing of a share sale agreement in 2021. She added that the move positions the bank as a stronger force in Nigeria’s financial services sector.
Voices From Leadership
Union Bank’s Managing Director and Chief Executive Officer, 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,” Oni said.
Also speaking, the Chairman of the Board, Bayo Adeleke, hailed the merger as the beginning of “a new era” for Union Bank.
“By bringing together the strengths of both institutions, Union Bank is committed to creating lasting value for our customers, shareholders, and communities, while advancing Nigeria’s financial inclusion agenda,” Adeleke stated.
What It Means for Customers
Union Bank assured customers that their account details will remain unchanged and there will be no disruption to existing services.
The bank pledged continued access to a full suite of products and services, with an accelerated push toward digital innovation.
The merger comes at a time when Nigerian banks are racing to raise fresh capital ahead of the CBN’s March 2026 minimum capital requirements deadline.
In November 2023, Union Bank had also announced plans to delist from the Nigerian Stock Exchange, signalling its strategic shift towards consolidation and innovation-driven growth.
