Nigerian Bank completes merger with Titan Trust Bank, secures final CBN approval

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Union Bank of Nigeria Plc has announced the successful completion of its merger with Titan Trust Bank Limited, after receiving the final approval of the Central Bank of Nigeria (CBN).

In a statement signed by the bank’s Chief Brand and Marketing Officer, Olufunmilayo Aluko, the development marks the conclusion of a process that began with the signing of a share sale agreement in 2021. The bank noted that the merger firmly positions Union Bank as a stronger player in Nigeria’s financial services sector.

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Under the approved terms, Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The new entity will continue to operate under the Union Bank brand, while Titan Trust ceases to exist as a separate institution.

“With an expanded network of over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, Union Bank is well positioned to deliver enhanced value across retail, SME, and corporate segments,” the statement added.

Union Bank said the merger combines its trusted heritage with Titan Trust Bank’s agility and innovation, creating a solid platform for sustainable growth and deeper financial inclusion.

Speaking on the milestone, Union Bank’s Managing Director and Chief Executive Officer, Yetunde Oni, described the transaction 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.”

Chairman of the Board of Directors, Bayo Adeleke, also hailed the merger as “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.”

Union Bank assured customers that there would be no disruption to existing services, stressing that account details remain unchanged. It added that customers will continue to access a full suite of products and services seamlessly, with an accelerated drive towards enhanced digital banking solutions

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