Union Bank of Nigeria has announced the completion of its merger with Titan Trust Bank Limited.
The merger followed a final approval from the Central Bank
of Nigeria (CBN), according to a statement on Monday.
The development comes three years after Titan acquired Union
Bank, one of the nation’s longest-standing financial institutions, in 2022.
The consolidation is occurring at a time when Nigerian banks
are scrambling for investments to boost their capital in a race to meet the CBN
minimum capital requirements deadline of March 2026.
Under the terms of the merger, according to the statement,
“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,”
the statement reads.
“With an expanded footprint of over 293 service centres and
937 ATMs nationwide, supported by strengthened digital channels, Union Bank is
poised to deliver enhanced value across retail, SME, and corporate segments.
“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.”
Speaking on the milestone, Olufunmilola Aluko, Union Bank’s
chief brand and marketing officer, said the merger concludes a process that
began with the signing of a share sale agreement in 2021.
Aluko said the move positions the bank as a stronger force
within Nigeria’s financial services sector.
Yetunde Oni, the managing director and chief executive
officer (CEO) at Union Bank, described the development as “a pivotal moment in
our 108-year journey, and a launchpad for delivering greater value to our
customers.
“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.
Also speaking on the transaction, Bayo Adeleke, chairman of
the board of directors, said it marked a “new era” of growth, collaboration,
and shared prosperity.
According to the chairman, by bringing together the
strengths of both institutions, Union Bank is “committed to creating lasting
value for our customers, shareholders, and communities while advancing
Nigeria’s financial inclusion agenda”.
The financial institution said the “strategic consolidation”
strengthens its market position, unlocks operational synergies, and underscores
its ambition to deliver a “modern, robust, and inclusive banking experience for
all”.
The organisation assured customers that there would be no
disruption to existing services.
The company said account details will remain unchanged,
promising that customers will continue to access a full suite of products and
services seamlessly, “with an accelerated push towards enhanced digital solutions”.
In November 2023, Union Bank announced plans to delist from
the stock market.
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