Union Bank Finalises Titan Trust Bank Merger Deal

Union Bank of Nigeria has completed its highly expected merger with Titan Trust Bank following the Central Bank of Nigeria’s (CBN) final approval. The move wraps up an exercise that started in 2021 with an agreement to sell shares and has now positioned Union Bank as a stronger player in the financial services industry.

The deal sees Union Bank acquiring the assets and operations of Titan Trust, and the brand name Titan no longer exists. The combined bank will use the Union Bank brand name, leveraging a 108-year legacy and new opportunities for innovation and growth.

A Larger Footprint

The merger has expanded Union Bank’s reach, giving it more than 293 service centers and 937 ATMs in Nigeria. Besides this physical expansion, the bank is also going deeper into electronic banking, offering customers more enhanced platforms for both corporate and individual transactions.

Union Bank CEO Yetunde Oni stated that the evolution was “a defining moment in our 108-year history and a launchpad for delivering more value to our customers. As we blend stability with innovation, we are now better positioned to meet the evolving needs of Nigerians and become their most trusted financial partner.”Chairman, Board of Directors, Bayo Adeleke, also said the merger brings in “a new era of growth, cooperation, and mutual prosperity. By bringing together the competencies of the two institutions, we are set to create sustainable value for our customers, shareholders, and communities and advance Nigeria’s financial inclusion agenda.”

What Customers Should Expect

The bank has assured its customers that the accounts are not affected and there is no disruption to services. Instead, what is on the card is to make products more accessible while enhancing digital innovation.

With the fusion of Union Bank’s legacy and the agility of Titan Trust, the institution will continue to enhance Nigeria’s financial inclusion initiative, reaching more small businesses and underserved societies. For many in the sector, the question now is whether this larger, more digital-focused Union Bank can indeed transform the face of daily banking for millions of Nigerians.