Union Bank of Nigeria has announced the successful completion of its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN). The merger, which began with the signing of a Share Sale Agreement in 2021, positions Union Bank as a stronger force within Nigeria’s financial services sector.
According to a statement from the bank’s Chief Brand and Marketing Officer, Olufunmilayo Aluko, 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. Under the terms of the merger, Union Bank has fully absorbed Titan Trust Bank’s operations and assets, with the combined institution operating under the Union Bank brand.
The merged entity boasts an expanded footprint of over 293 service centers and 937 ATMs nationwide, supported by strengthened digital channels. This expansion enables Union Bank to deliver enhanced value across retail, SME, and corporate segments. The bank’s Chairman of the Board of Directors, Bayo Adeleke, emphasized the commitment to creating lasting value for customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.
Union Bank’s Managing Director and Chief Executive Officer, Yetunde Oni, described the development as a pivotal moment in the bank’s 108-year journey, and a launchpad for delivering greater value to customers. By blending stability with innovation, the bank is better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.
Customers have been assured that there will be no disruption to existing services, with account details remaining unchanged. They will continue to access a full suite of products and services seamlessly, with an accelerated push towards enhanced digital solutions. The merger is expected to have a positive impact on Nigeria’s financial services sector, with Union Bank poised to play a significant role in promoting financial inclusion and economic growth. With its strengthened position, the bank is well-equipped to meet the changing needs of its customers and contribute to the country’s economic development.