Union Bank Completes Titan Trust Bank Merger as CBN Recapitalisation Deadline Nears
- Union Bank has announced that it has successfully concluded a merger process that began in 2021
- Union Bank stated that under the new arrangement, it has fully absorbed Titan Trust Bank under its brand
- The bank assured its customers that account details remained the same and they could still access funds
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Ahead of the March 31, 2026, banking recapitalisation deadline by the Central Bank of Nigeria (CBN), one of Nigeria’s oldest banks, Union Bank, has announced the successful merger with Titan Trust Bank.
The development follows a final approval from the CBN, sealing the final merger of the two banks.
Source: Facebook
Union Bank confirms Titan Bank merger
According to a statement from Union Bank’s Chief Brand and Marketing Officer, Olufunmilayo Aluko, the merger concluded a process that began in 2021 and was expected to position the firm as a stronger force in Nigeria’s financial sector.
The statement said that 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 will cease to exist as a separate entity.
Union Bank said that with over 293 service centres and 937 ATMs nationwide, supported by digital channels, it is ready to deliver enhanced value across SME, retail, and corporate segments.
Union Bank, Titan merger brings expanded opportunity
The merger combines Union Bank’s trusted heritage with Titan Trust Bank’s agility and innovation, creating a seamless platform for sustainable growth and larger financial inclusion.
Union Bank’s CEO, Yetunde Oni, described the merger as pivotal in its 108 years of operations and a launchpad for delivering stronger value to 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,” she said.
The Chairman of the Board of Directors of Union Bank, Bayo Adeleke, said the new era brings 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,” he stated.
No need to panic: Union Bank assures
Union Bank assured its customers of seamless operations, stating that account details remain unchanged, and customers will continue to access full services and products without hitches, and with an accelerated push towards enhanced digital solutions.
The move solidifies the banking firm's market position, unlocking operational synergies and demonstrating its ambition to deliver a modern, robust, and inclusive banking experience for everyone.
More Nigerian banks to merge, experts speak
Experts have said the merger now paves the way for Union Bank to meet CBN’s recapitalisation deadline quickly.
“We are going to see more of this in the coming months,” financial analyst Osas Igho said.
“I am aware that two more banks are in talks to merge and this will happen within the recapitalisation window given by the CBN."
As of the last count, about 10 Nigerian banks have fully met the CBN’s recapitalisation demand.
More banks meet CBN’s recapitalisation target
Legit.ng previously reported that the three-year-old PremiumTrust Bank is one of the latest banks to scale the CBN hurdle.
This was followed by Guaranty Trust Bank, which received a financial injection of N353.9 billion from GTCO, its parent company, to fully comply with the CBN’s recapitalisation requirement.
As the deadline draws close, Nigerians will see licence downgrades and mergers and acquisitions, Igho said.
Source: Twitter
Two national banks enter secret merger talks
Meanwhile, Legit.ng earlier reported that as the recapitalisation deadline set by the CBN approaches, two national banks are reportedly said to have begun merger talks to meet a regulatory deadline and remain competitive.
According to reports, more banks are facing intense heat, with six banks said to be facing a funding gap of about N965 billion. Already, five banks have scaled the recapitalisation hurdle and are set to proceed with their operations.
Proofreading by Bruce Douglas, copy editor at Legit.ng.
Source: Legit.ng
