Union Bank completes merger with Titan Trust Bank after 4 years

Union Bank of Nigeria has finalised its long-awaited merger with Titan Trust Bank Limited, assuring customers that their account details and access to services will remain unchanged. The consolidation followed a final approval from the Central Bank of Nigeria (CBN), three years after Titan Trust acquired Union Bank in 2022.

Under the terms of the agreement, “Union Bank has fully absorbed Titan Trust Bank’s operations and assets.” A statement added, “The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.”

The merger comes as Nigerian banks are intensifying efforts to boost their capital base ahead of the CBN’s March 2026 recapitalisation deadline. With over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, Union Bank says it is better positioned to deliver enhanced value across retail, SME, and corporate banking segments.

“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,” the bank said.

Olufunmilola Aluko, Union Bank’s Chief Brand and Marketing Officer, noted that the development concludes a process that began with the signing of a share sale agreement in 2021. She said it positions the bank as a stronger force within Nigeria’s financial services sector.

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Yetunde Oni, Managing Director and CEO, described the milestone as “a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers. By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”

The process began formally in October 2021, when Titan Trust Bank requested approval from the CBN to acquire Union Bank. The CBN issued a “no objection” to the acquisition in March 2022. In June 2022, Titan Trust Bank settled with Union Bank’s major shareholders. Titan then launched a Mandatory Takeover Offer (MTO) in November 2022, followed by a squeeze-out of minority shareholders in May 2023. After a court-ordered shareholder meeting on 28 December 2023 and the sanctioning of the scheme, the official merger process was concluded, though the final integration across systems and branding continued into September 2025.