Union Bank, Titan Trust Bank Finalise Merger, Gets CBN Approval
Union Bank of Nigeria has confirmed the completion of its long-awaited merger with Titan Trust Bank Limited, following the final approval granted by the Central Bank of Nigeria (CBN).
This marks the official end of a transition process that began three years ago and represents a significant development in the country’s banking sector.
In the new arrangement, Titan Trust Bank has been fully absorbed into Union Bank and will no longer operate as a separate entity.
The combined institution will continue to trade under the Union Bank name, preserving a brand that has existed for more than a century in Nigeria’s financial system.
According to the bank’s management, the legal consolidation took effect on September 1, 2025.
Customers have been assured that all existing account numbers, debit and credit cards, and access to mobile and online banking remain unaffected. Branches and outlets previously managed by Titan Trust are now operating under the Union Bank identity, giving customers seamless access to an expanded network of over 290 branches and close to 1,000 ATMs across the country.
The merger unites Union Bank’s nationwide reach with Titan Trust’s digital-first approach, creating a stronger and more competitive institution in retail, corporate, and SME banking. Union Bank stated that the integration is aimed at enhancing service delivery, expanding financial inclusion, and deepening its role in supporting economic growth through increased lending to businesses and households.
The deal is also seen as a strategic response to the recapitalisation directive introduced by the CBN. In April 2024, the apex bank announced new minimum capital requirements for commercial banks, with a deadline of March 2026.
The policy encouraged financial institutions to raise fresh capital or consolidate to meet the tougher standards.
Analysts say Union Bank’s merger with Titan Trust not only strengthens its capital base but also places it in a stronger position to navigate the regulatory changes.
The path to this merger was gradual but deliberate. In June 2022, Titan Trust Bank acquired a controlling stake in Union Bank, making headlines as one of the largest transactions in the industry at the time.
This was followed by a mandatory takeover offer to minority shareholders in 2023. With those steps completed, the final legal merger has now created a single, unified entity.
Union Bank, which traces its history back to 1917, described the merger as a forward-looking move designed to reinforce its legacy while embracing innovation. The bank emphasised that customers should expect continuity in service but with added efficiency, better technology platforms, and a wider range of financial solutions.
The successful completion of the merger adds to the growing wave of consolidations in Nigeria’s banking sector, as institutions position themselves for resilience in an increasingly competitive and regulated environment.
