Union Bank, Titan Trust Merger Gets CBN Nod

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

The transaction, which commenced with a Share Sale Agreement in 2021, consolidated Titan Trust’s operations and assets into Union Bank, with the 108-year-old financial institution emerging as the surviving entity.

In a statement signed by the bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilayo Aluko, Union Bank described the merger as a transformative milestone that fuses its long-standing heritage with Titan Trust’s dynamism and innovation.

The combined institution, which will continue to operate under the Union Bank brand, now boasts 293 service centres, 937 Automated Teller Machines (ATMs), and an expanded digital infrastructure to better serve retail, SME, and corporate customers across Nigeria.

Managing Director and Chief Executive Officer, Mrs. Yetunde Oni, noted that the consolidation marked a turning point in the bank’s history.

“This is 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,” Oni said.

Also commenting, chairman of the Board of Directors, Mr. Bayo Adeleke, described the merger as the dawn of a new era.

“This is 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 stated.

Union Bank further assured customers that their account details remained unchanged and services will continue without disruption, even as the bank intensifies its push into enhanced digital offerings.