In a defining moment for Nigeria’s banking industry, Union Bank of Nigeria has officially completed its merger with Titan Trust Bank Limited, with the Central Bank of Nigeria (CBN) granting final approval for the consolidation.
Under the terms of the merger, Union Bank has fully absorbed Titan Trust Bank’s operations and assets, and the merged entity will continue under the Union Bank brand. Titan Trust Bank, as a standalone institution, has ceased to exist.
Background: The Path to Integration
The consolidation is the culmination of a multi-year process that began in 2021 with the signing of a Share Sale Agreement. Titan Trust Bank initially acquired an 89.4% stake in Union Bank, triggering a mandatory takeover offer and later increasing its hold through a squeeze-out mechanism. The deal led to Union Bank’s delisting from the Nigerian Exchange (NGX) in 2023.
What This Means for Customers
Union Bank has assured all customers of a seamless transition:
- Account continuity: Account numbers, debit/credit cards, cheque books, mobile app, and online banking services remain unchanged.
- Rebranding: Titan Trust Bank branches are being rebranded as Union Bank.
- Digital transformation: A renewed focus on strengthened digital platforms and enhanced customer service.
Business Transformation & Strategic Gains
The merger strategically positions Union Bank for greater market reach and innovation:
- Expanded network: Over 293 service centers and 937 ATMs nationwide, with an elevated digital presence.
- Synergy & scale: Combining Union Bank’s 108-year legacy with Titan Trust’s innovative agility creates a robust platform for sustainable growth across retail, SME, and corporate segments.
Leadership Perspective
Union Bank’s Managing Director & CEO, Yetunde Oni, described the merger as “a pivotal moment” and a “launchpad” to serve evolving customer needs better. Chairman Bayo Adeleke hailed the union as marking “a new era of growth, collaboration, and shared prosperity.”
Regulatory and Sector Implications
- The consolidation comes as Nigerian banks are bracing for the CBN’s March 2026 recapitalization deadline, prompting the merger as a compliance and survival strategy.
- This merger is seen as a likely blueprint for survival among smaller banks in a tightening regulatory and capital-intensive landscape.
Summary Table
| Aspect | Details |
|---|---|
| Merger Finalized | Yes – Titan Trust fully absorbed as of early September 2025 |
| Customer Impact | Minimal – services, account details unchanged |
| Network Scale | 293+ branches, 937 ATMs, enhanced digital platforms |
| Strategic Benefit | Combined legacy and innovation fuel for growth and inclusion |
| Regulatory Context | Aligned with CBN’s recapitalization policy ahead of 2026 deadline |
The merger not only marks the end of Titan Trust Bank as an independent institution, but also signals the dawn of a stronger, unified Union Bank adept at blending foundational trust with 21st-century banking agility.
