Nigeria’s Titan Trust Bank acquires majority shareholding in Union Bank, finalize merger
Nigeria’s Union Bank Nigeria Plc has officially completed its long-anticipated merger with Titan Trust Bank Limited, followig final approval from the Central Bank of Nigeria (CBN). The historic transaction, concluded on September 1, 2025, signals the final integration of Union Bank and Titan Bank into one entity.
A statement obtained from Union Bank’s website read as follows
“Following the acquisition of majority shareholding in Union Bank of Nigeria Plc (“Union Bank”) by Titan Trust Bank Limited (“TTB”), the process of integrating the operations of the two banks into one entity is now being concluded. Effective September 1, 2025, the combined entities will now operate as Union Bank of Nigeria Plc.”
The process began in 2021 when Titan Trust Bank, a relatively young but fast-rising lender, signed a Share Sale Agreement. This was followed by a mandatory takeover of minority shares in May 2023 and Union Bank’s delisting from the Nigerian Exchange in November 2023.
Shareholder approvals in December 2023 paved the way for the merger, which has now been finalized with regulatory clearance from the CBN. As a result, Titan Trust Bank ceases to exist as a separate brand, with its assets, operations, and customer base fully integrated into Union Bank.
Union Bank has reassured customers that no disruptions will occur during the transition. Account numbers, banking platforms, and digital channels remain intact. Instead, customers are set to benefit from a broader network of services which includes 293 service centers nationwide, 937 ATMs across Nigeria, Enhanced mobile and online banking platforms.
The bank stated that the consolidation will enable it to serve customers more efficiently while expanding financial inclusion through technology-driven solutions.
Union Bank’s CEO, Yetunde Oni, described the merger as a pivotal moment in the bank’s journey:
“This merger marks a new chapter in our 108-year legacy. By combining Union Bank’s heritage with Titan Trust’s innovation, we are better positioned to deliver greater value to our customers, shareholders, and the Nigerian economy.”
Board Chairman Bayo Adeleke echoed this sentiment, calling it “the dawn of a new era of growth, collaboration, and shared prosperity.”
The merger strengthens Union Bank’s competitive standing at a time when Nigeria’s banking sector is undergoing rapid transformation, including the CBN’s ongoing recapitalisation directive. The bank’s larger capital base and expanded footprint are expected to improve its resilience against market pressures and enhance its ability to compete with tier-one institutions.
With its expanded reach and resources, the newly unified Union Bank is poised to play a more prominent role in shaping Nigeria’s financial services landscape — balancing the strength of tradition with the agility of modern banking.
