Union Bank completes merger with Titan Trust Bank

By Omodele Adigun

Union Bank of Nigeria, one of the nation’s longest-standing financial institutions, has completed its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN).

This milestone concludes a process that began with the signing of a Share Sale Agreement in 2021 and positions Union Bank as a stronger force within Nigeria’s financial services sector. Under the terms of the merger, 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.

It would be recalled that the two banks were part of the four banks whose boards and management were dissolved and taken over by the federal government during the investigations of the Central Bank of Nigeria (CBN) led by Jim Obazee, the Special Investigator appointed by President Bola Tinubu in 2023. They were taken over in January 2024 following the inability of their core investors or owners to prove the source of their funding for the acquisition of the four banks.

Union Bank’s Managing Director and Chief Executive Officer, Yetunde Oni, 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.”