Titan Trust Bank Limited has ceased operation as Union Bank of Nigeria has officially completed its merger, marking a significant milestone in Nigeria’s banking sector.
The consolidation, approved by the Central Bank of Nigeria (CBN), results in the full absorption of Titan Trust Bank’s operations and assets into Union Bank, effectively ending Titan Trust’s existence as a separate entity.
According to a statement released by Union Bank’s Head of Brand and Marketing, Mrs. Olufunmilola Aluko, the merged institution will continue under the Union Bank brand.
“Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity,” she confirmed.
Transition and Customer Assurance
Following the merger announcement, Titan Trust Bank updated its branding across digital platforms, including X (formerly Twitter), with a message stating: “Titan Trust Bank is Now Union Bank of Nigeria!”
Customers have been assured that account details remain unchanged and services will continue uninterrupted. The bank emphasized a seamless transition with an accelerated push toward enhanced digital banking solutions.
The merger brings together Union Bank’s 108-year legacy and Titan Trust’s agility and innovation, creating a robust platform for sustainable growth and broader financial inclusion. Union Bank now boasts over 293 service centers and 937 ATMs nationwide, serving more than 8 million customers.
Background and Regulatory Context
The merger concludes a complex journey 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 (MTO) for an additional 6.59% of Union Bank’s shares, valued at 50 Kobo each. This acquisition led to Union Bank’s delisting from the Nigerian Exchange (NGX) in 2023 after 52 years.
However, the transaction was marred by controversy. A leaked CBN Special Investigation Report alleged that proxies linked to former CBN Governor Godwin Emefiele were involved in setting up Titan Trust Bank and orchestrating the acquisition of Union Bank.
In January 2024, the CBN dissolved the boards of both banks, citing regulatory non-compliance and governance failures.
Yetunde Oni was subsequently appointed as the new Managing Director and Chief Executive Officer of Union Bank, tasked with steering the institution through regulatory reforms and recapitalization efforts.
What You Should Know
- The merger comes as Nigerian banks race to meet the CBN’s March 2026 recapitalization deadline.
- Titan Trust Bank reportedly faced a N30 billion shortfall in meeting the new capital threshold, prompting the strategic merger to safeguard its operations and ensure compliance.
- This merger is viewed as a blueprint for future consolidations, with smaller banks expected to pursue similar partnerships to survive the tightening regulatory landscape. The newly consolidated Union Bank is now positioned among Nigeria’s top ten banks by assets.
Chairman of Union Bank’s Board, Bayo Adeleke, described the merger as “a new era of growth, collaboration, and shared prosperity,” reinforcing the bank’s commitment to financial inclusion and economic development.
