Union Bank Completes Merger with Titan Trust Bank After CBN Approval, Strengthening Position in Nigeria’s Financial Sector
Union Bank of Nigeria Plc has formally completed its merger with Titan Trust Bank Limited, bringing an end to Titan Trust’s operations as a standalone entity. The development marks a significant milestone in the evolution of Nigeria’s banking sector.
The consolidation, which received final approval from the Central Bank of Nigeria (CBN), entails the full transfer of Titan Trust Bank’s assets, liabilities, and operations into Union Bank. This legal absorption effectively terminates Titan Trust’s corporate existence.
In a statement, Union Bank’s Head of Brand and Marketing, Mrs. Olufunmilola Aluko, confirmed that the merged institution will continue to operate under the Union Bank brand. She reiterated that Titan Trust Bank has been fully integrated into Union Bank’s structure.
Following the announcement, Titan Trust Bank updated its corporate identity across digital platforms, including X (formerly Twitter), with the message: “Titan Trust Bank is Now Union Bank of Nigeria!” This rebranding signals the completion of the integration process.
Customers have been assured that their account details remain unchanged and that banking services will continue without disruption. The bank also emphasized its commitment to a seamless transition, with a renewed focus on expanding digital banking capabilities.
The merger combines Union Bank’s 108‑year heritage with Titan Trust’s agility and innovation, creating a stronger platform for sustainable growth and wider financial inclusion. Union Bank now operates over 293 service centres and 937 ATMs nationwide, serving more than 8 million customers.
This transaction concludes a process that began in 2021 with a Share Sale Agreement. In 2022, Titan Trust Bank acquired an 89.4% stake in Union Bank, triggering a Mandatory Takeover Offer for an additional 6.59% of shares. The acquisition led to Union Bank’s delisting from the Nigerian Exchange in 2023 after 52 years of listing.
The deal, however, was not without controversy. A leaked CBN Special Investigation Report alleged that proxies linked to former CBN Governor Godwin Emefiele were involved in establishing Titan Trust Bank and facilitating the acquisition. In January 2024, the CBN dissolved the boards of both banks over regulatory and governance concerns, appointing Yetunde Oni as Union Bank’s new Managing Director and CEO to oversee reforms and recapitalisation.
The merger comes amid the CBN’s March 2026 recapitalisation deadline. Titan Trust Bank reportedly faced a ₦30 billion shortfall in meeting the new capital threshold, prompting the strategic consolidation. Industry analysts view the transaction as a model for future mergers, with the newly consolidated Union Bank now ranked among Nigeria’s top ten banks by assets.
