Union Bank of Nigeria has officially completed its merger with Titan Trust Bank Limited, closing a chapter in Nigerian banking history and opening a new era for one of the country’s oldest financial institutions. The consolidation, approved by the Central Bank of Nigeria (CBN), marks the full absorption of Titan Trust’s operations and assets into Union Bank, effectively ending Titan Trust’s brief but eventful existence as an independent entity.
A Seamless Transition for Customers
Announcing the merger, Union Bank’s Head of Brand and Marketing, Mrs. Olufunmilola Aluko, confirmed that the combined institution will continue under the Union Bank brand. Titan Trust Bank simultaneously updated its digital platforms with the message: “Titan Trust Bank is Now Union Bank of Nigeria!”
Customers have been reassured that their account details remain unchanged, while banking services continue without disruption. The integration also comes with promises of accelerated investment in digital solutions—blending Union Bank’s nationwide reach with Titan Trust’s reputation for agility and innovation.
The merger brings together Union Bank’s 108-year legacy with Titan Trust’s modern outlook, creating a stronger platform to drive financial inclusion. The bank now operates over 293 service centers and 937 ATMs across Nigeria, serving more than 8 million customers.
Background and Regulatory Journey
This merger is the culmination of a journey that began in 2021, when Titan Trust Bank signed a Share Sale Agreement to acquire a controlling stake in Union Bank. By mid-2022, Titan Trust had secured 89.4% of Union Bank’s shares, followed by a Mandatory Takeover Offer for an additional 6.59%. Union Bank was subsequently delisted from the Nigerian Exchange (NGX) in 2023, after more than five decades as a publicly traded company.
The path to consolidation, however, was not without turbulence. A leaked CBN Special Investigation Report alleged that proxies connected to former CBN Governor Godwin Emefiele were involved in establishing Titan Trust and orchestrating the acquisition. In early 2024, the CBN dissolved the boards of both institutions, citing governance failures and regulatory non-compliance.
Yetunde Oni was then appointed Managing Director and Chief Executive Officer of Union Bank, tasked with steering the bank through a sensitive period of reform, recapitalization, and cultural integration.
Why the Merger Matters
The strategic move comes at a time when Nigerian banks are under pressure to meet the CBN’s March 2026 recapitalization deadline. Titan Trust reportedly faced a ₦30 billion shortfall in meeting the new requirements, making a merger the most viable option to safeguard operations.
For Union Bank, the deal provides fresh momentum to strengthen its balance sheet, deepen market share, and expand services to underserved communities. The consolidated entity is now positioned among Nigeria’s top ten banks by assets—a significant leap for an institution once considered vulnerable to takeover itself.
A Glimpse into the Future
Union Bank’s Chairman, Bayo Adeleke, hailed the merger as “a new era of growth, collaboration, and shared prosperity,” underscoring the bank’s renewed commitment to financial inclusion and economic development.
Industry watchers say this merger could serve as a template for further consolidation across Nigeria’s banking sector, particularly as smaller players struggle to raise the capital needed to comply with regulatory thresholds.
For customers, regulators, and investors alike, the Union Bank–Titan Trust merger signals both the end of one bank and the strengthening of another. It is a powerful reminder that in Nigeria’s fast-evolving financial landscape, adaptability and scale remain the keys to survival.
