By Ademuyiwa Balikis
Union Bank of Nigeria has announced the successful completion of its merger with Titan Trust Bank Limited, following the final approval of the Central Bank of Nigeria (CBN).
The merger, which brings an end to Titan Trust Bank’s operations as a separate entity, marks the consolidation of both banks under the Union Bank brand. The development expands Union Bank’s network to over 293 service centres and 937 ATMs nationwide, with a strengthened focus on retail, SME, and corporate banking, alongside enhanced digital capabilities.
The journey to the merger began in 2021 when Titan Trust Bank signed a Share Sale Agreement to acquire a majority stake in Union Bank. The transaction led to the takeover of Union Bank, a process that was followed by a mandatory takeover offer and the eventual delisting of the bank from the Nigerian Exchange in 2023.
Union Bank’s Chief Executive Officer, Yetunde Oni, described the merger as a pivotal moment in the institution’s 108 year history. She said the union combines Union Bank’s legacy of stability with Titan Trust’s innovation, creating a stronger financial institution positioned to deliver greater value to customers.
The Chairman of the Board, Bayo Adeleke, also highlighted the strategic importance of the merger, calling it the beginning of a new era of growth, collaboration, and shared prosperity for the bank and its stakeholders.
Union Bank further assured customers that their account details remain unchanged and that there will be no disruption to services. The bank added that it will continue to enhance digital solutions to meet the evolving needs of its clients.
With the completion of this merger, Union Bank has solidified its position as a stronger player in Nigeria’s banking sector, ready to expand its impact in financial inclusion and customer service delivery.
