Union Bank of Nigeria Plc has announced the successful completion of its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria.
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The lender in a statement on Sunday, revealed that the process began with the signing of a Share Sale Agreement in 2021.
Mrs. Olufunmilola Aluko, the bank’s Chief Brand Marketing Officer in statement stated that the merger positions Union Bank as an even stronger force within Nigeria’s financial services sector.
“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,” the statement disclosed.
Union Bank’s Managing Director/Chief Executive Officer, Mrs. 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.”
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.
Union Bank has assured customers that there will be no disruption to existing services, noting that account details remain unchanged, and customers will continue to access a full suite of products and services seamlessly, with an accelerated push towards enhanced digital solutions.
This strategic consolidation strengthens Union Bank’s market position, unlocks operational synergies, and underscores its ambition to deliver a modern, robust, and inclusive banking experience for all.
Union Bank had earlier sent an email to its customers titled ‘This Union is Evolving’, hinting at the merger and welcoming them to a “stronger union.”
Titan Trust Bank completed a Share Sale and Purchase Agreement to acquire 89.39% of the issued share capital of Union Bank held by Atlas Mara Limited (7,471,752,753 shares – 25.53%) and Union Global Partners Limited (19,017,923,071 shares – 64.98%) in 2022.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
