In a significant development in Nigeria’s financial sector, Union Bank of Nigeria has announced the successful completion of its merger with Titan Trust Bank Limited. The merger, which was approved by the Central Bank of Nigeria (CBN), marks a major milestone in the bank’s 108-year history.
The merger, which began with the signing of a Share Sale Agreement in 2021, has resulted in the absorption of Titan Trust Bank’s operations and assets by Union Bank. The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.
With this development, Union Bank has expanded its footprint to over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels. The bank is poised to deliver enhanced value across retail, SME, and corporate segments, leveraging the combined strengths of both institutions.
What This Means for Customers
- No disruption to existing services
- Account details remain unchanged.
- Customers will continue to access a full suite of products and services seamlessly.
- Accelerated push towards enhanced digital solutions
Reaction from Union Bank’s Leadership
The bank’s Managing Director and Chief Executive Officer, Mrs. Yetunde Oni, described the development 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.”
The Chairman of the Board of Directors, Mr. Bayo Adeleke, 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.”
Impact on the Financial Services Sector
The merger strengthens Union Bank’s market position, unlocks operational synergies, and underscores its ambition to deliver a modern, robust, and inclusive banking experience for all. This development is expected to contribute to Nigeria’s financial inclusion agenda and economic growth.
This is a step in the right direction. This absorption strategically positions Union Bank to effectively maintain its fair share of the market and higher capacity in providing financial services to it’s teaming customers