After obtaining final approval from the Central Bank of Nigeria, Union Bank of Nigeria has announced the successful completion of its merger with Titan Trust Bank Limited.
The lender disclosed in a statement on Sunday that the procedure started with the signing of a Share Sale Agreement in 2021.
Per the merger terms, Union Bank has completely absorbed Titan Trust Bank’s operations and assets. Titan Trust Bank vanishes as a distinct organisation, but the merged institution will continue using the Union Bank name.
Stronger force within Nigeria’s financial services sector
Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilayo Aluko, said the merger makes the bank an even more powerful player in Nigeria’s financial services industry.
“With an expanded footprint of over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, Union Bank is poised to deliver enhanced value across retail, SME, and corporate 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 statement disclosed.
A pivotal moment in Union Bank’s 108-year journey
Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank, called the development “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.”
Speaking about the merger, Mr. Bayo Adeleke, the board of directors chairman, added, “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.”
No disruption to existing services
Union Bank has reassured clients that current services won’t be interrupted. It states that account information won’t change and that clients will still be able to easily access a full range of products and services, with a faster push towards better digital solutions.
This strategic consolidation strengthens Union Bank’s market position, unlocks operational synergies, and emphasises the bank’s goal of providing a cutting-edge, reliable, and inclusive banking experience for everyone.
Union Bank had previously hinted at the merger and welcomed its customers to a “stronger union” in an email titled “This Union is Evolving.”