Titan Trust Bank ceases operations as Union Bank completes takeover
Story from Martha Gwary
Following final approval from the Central Bank of Nigeria, Union Bank of Nigeria has announced the successful completion of its merger with Titan Trust Bank Limited.
This move marks the end of a process that began with the signing of a Share Sale Agreement in 2021, positioning Union Bank as a stronger entity within Nigeria’s financial services sector.
Under the terms of the merger, Union Bank has fully absorbed all of Titan Trust Bank’s operations and assets. The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank will no longer exist as a separate entity.
With an expanded network of over 293 service centers and 937 ATMs nationwide, along with strengthened digital channels, Union Bank is set to provide enhanced services to retail, SME, and corporate clients.
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A statement from the bank highlighted that the merger “combines Union Bank’s trusted heritage with Titan Trust’s agility and innovation, creating a platform for sustainable growth and broader financial inclusion.”
According to Yetunde Oni, Union Bank’s Managing Director and Chief Executive Officer, this development is “a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers.”
Mr. Bayo Adeleke, Chairman of the Board of Directors, also commented on the merger, stating, “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.”
The bank has assured customers that there will be no interruptions to existing services. Account details remain the same, and customers can continue to access all products and services without issues, with a focus on improving digital solutions.
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This strategic consolidation strengthens Union Bank’s market position, unlocks operational synergies, and highlights its goal to provide a modern, robust, and inclusive banking experience for everyone.
Union Bank had previously sent an email to its customers with the title “This Union is Evolving,” hinting at the merger and welcoming them to a “stronger union.”
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