The Central Bank of Nigeria (CBN) has granted final approval for the long-awaited merger between Union Bank of Nigeria and Titan Trust Bank Limited, effectively drawing the curtain on one of the most significant consolidation moves in the nation’s banking sector in recent years.
In a statement yesterday, Union Bank confirmed the successful completion of the transaction, which began in 2021 with the signing of a share sale agreement, noting that the process had culminated in Titan Trust Bank being fully absorbed into its operations.
With the approval, Union Bank will now operate as a stronger single entity, retaining its heritage brand name while Titan Trust ceases to exist as a separate institution. The combined bank boasts an expanded footprint of more than 293 service centres and 937 ATMs nationwide, complemented by deepened digital channels aimed at strengthening customer experience.
Chief Executive Officer of Union Bank, Yetunde Oni, described the development as “a pivotal moment in our 108-year journey,” stressing that the merger blends the bank’s historic stability with Titan Trust’s agility and innovation.
“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.
Chairman of the Board, Bayo Adeleke, echoed this sentiment, hailing the CBN’s approval as a fresh chapter for the institution.
“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 said.
The lender assured customers that their account details remain unchanged and there would be no disruption to banking services. Instead, it promised seamless access to its products and services, with an accelerated drive towards digital banking.
Analysts note that the deal underscores the regulator’s push for stronger, technology-driven institutions capable of competing in a rapidly changing financial landscape. For Union Bank, the merger signals not only continuity of its trusted legacy but also a bold leap into a future of innovation and broader market penetration.
