The Central Bank of Nigeria (CBN) has granted final approval for the merger between Union Bank of Nigeria Plc and Titan Trust Bank Limited. This transaction consolidates both institutions under the Union Bank brand.
In a statement, Union Bank confirmed that the integration marks the completion of a process that began in 2021 with the signing of a share sale agreement. The development formally positions the 108-year-old lender as a stronger player in Nigeria’s financial services industry.
Under the terms of the merger, Titan Trust Bank’s operations and assets have been fully absorbed into Union Bank, with the latter continuing to operate as the surviving entity. Titan Trust Bank will no longer exist as a standalone institution.
Following the consolidation, Union Bank now boasts an expanded network of 293 service centres and 937 ATMs nationwide, complemented by upgraded digital channels. This, the bank said, will enhance service delivery across its retail, small business, and corporate segments.
Union Bank’s Managing Director and Chief Executive Officer, Yetunde Oni, described the merger as a defining moment for the institution.
“This is a pivotal moment in our 108-year journey and a launchpad for delivering greater value to our customers,” Oni said. “By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”
Chairman of the Board of Directors, Bayo Adeleke, also underscored the significance of the deal, noting that it ushers in a new era of growth and collaboration.
“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,” Adeleke stated.
The bank assured customers that there would be no disruption to existing services. Account details remain unchanged, while customers will continue to enjoy seamless access to Union Bank’s products and services, with a stronger push towards digital innovation.
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