The Central Bank of Nigeria (CBN) has approved the merger between Union Bank of Nigeria Plc and Titan Trust Bank Limited, finalizing a transaction that began in 2021 with the signing of a Share Sale Agreement.
Under the approved terms, Union Bank has fully absorbed Titan Trust Bank’s operations and assets, and the combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.
Union Bank stated that the merger positions the 108-year-old lender as a stronger force in Nigeria’s financial services sector. With an expanded footprint of 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, the bank said it is poised to deliver enhanced value across retail, SME, and corporate segments.
“This merger combines Union Bank’s trusted heritage with Titan Trust’s agility and innovation, creating a platform for sustainable growth and broader financial inclusion,” said Olufunmilola Aluko, Chief Brand and Marketing Officer.
Managing Director/Chief Executive Officer, Yetunde Oni, described the development as a pivotal moment in the bank’s journey.
“By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner,” she said.
Chairman of the Board of Directors, Bayo Adeleke, added that the consolidation marks a new era of growth, collaboration, and shared prosperity.
“By bringing together the strengths of both institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda,” he said.