Abuja, Nigeria — September 1, 2025 — Union Bank of Nigeria Plc has officially completed its merger with Titan Trust Bank Limited after obtaining final approval from the Central Bank of Nigeria (CBN), marking a major consolidation in Nigeria’s banking landscape.
Merger Timeline & Historical Context
- The integration process began with the signing of a Share Sale Agreement in 2021.
- Titan Trust Bank had earlier acquired a controlling share in Union Bank and completed a takeover of minority shares by mid-2023, as part of a broader acquisition and delisting process.
- Today, the final merger consolidates Titan Trust’s operations and assets under the Union Bank brand, with Titan ceasing to operate as an independent entity.
What the Merger Means
- The newly consolidated Union Bank will continue its operations under the “Union Bank” name. Titan Trust Bank is now fully integrated.
- The merged institution now boasts over 293 service centers, 937 ATMs nationwide, and enhanced digital infrastructure, extending its service capabilities across retail, SME, and corporate sectors.
Leadership Response
- Yetunde Oni, Managing Director & CEO, called the merger a “significant milestone” and a “launchpad for delivering greater value,” citing the blend of stability and innovation as key to meeting evolving customer needs.
- Bayo Adeleke, Chairman of the Board, described the new structure as ushering in “a new era of growth, collaboration, and shared prosperity,” reaffirming commitment to value creation and financial inclusion.
Customer Assurance & Strategic Impacts
- Union Bank reassured customers that account details and services remain unchanged, emphasizing that operations will continue without disruption.
- The merger strengthens Union Bank’s ability to meet the CBN’s recapitalisation target ahead of the March 2026 deadline, and positions it as a leading player in Nigeria’s banking sector consolidation.
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