On September 1, 2025, Titan Trust Bank officially ceased operations as an independent entity and became part of Union Bank of Nigeria, following final approval from the Central Bank of Nigeria (CBN).
This marks the completion of a process that started in 2021, reshaping Nigeria’s banking landscape and strengthening Union Bank’s position as a customer-centric financial powerhouse.
Background: How the Merger Began
The journey started in 2021, when Titan Trust Bank signed a Share Sale and Purchase Agreement with Union Bank’s shareholders.
- In June 2022, Titan Trust acquired a controlling stake of about 89–93% in Union Bank.
- By May 2023, Titan Trust completed a mandatory takeover of minority shareholders, paving the way for Union Bank’s delisting from the Nigerian Exchange in November 2023.
- After securing court approvals in December 2023, the path was clear for full integration—culminating in the September 2025 merger.
What This Means for Customers
With Titan Trust Bank fully absorbed into Union Bank:
- Seamless Transition: Account numbers, debit cards, mobile apps, and online banking platforms remain unchanged.
- Stronger Branch Network: Union Bank now operates 293 service centres and 937 ATMs nationwide, ensuring greater accessibility.
- Expanded Services: Customers can expect an enhanced product portfolio for retail, SMEs, and corporate banking.
- Improved Digital Banking: The merger integrates Titan Trust’s innovative tech culture with Union Bank’s long-standing stability.
Leadership Speaks on the Merger
- Yetunde Oni, Managing Director and CEO of Union Bank, described the merger as a “pivotal moment” in the bank’s 108-year history, combining stability with innovation to deliver greater value.
- Bayo Adeleke, Chairman of Union Bank’s Board, emphasised that the deal heralds a new era of growth, collaboration, and financial inclusion across Nigeria.
Impact on Nigeria’s Banking Sector
This merger is more than just a rebrand—it’s a major consolidation in Nigeria’s financial services sector. By absorbing Titan Trust Bank:
- Union Bank strengthens its capital base and competitiveness.
- Customers benefit from wider reach, deeper financial expertise, and enhanced digital capabilities.
- Nigeria moves closer to achieving its financial inclusion goals, particularly for underserved communities.
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