Onome Amuge
Union Bank of Nigeria, one of the country’s oldest financial institutions, has finalised its long-awaited merger with Titan Trust Bank Limited, following the Central Bank of Nigeria’s (CBN) approval, in a move that consolidates its position in an increasingly competitive financial services sector.
The merger, which marks the end of a process initiated in 2021 with the signing of a Share Sale Agreement, sees Union Bank fully absorb Titan Trust’s operations and assets. Titan Trust, established in 2018 and widely regarded as one of Nigeria’s fastest-growing lenders, ceases to exist as a separate entity. The combined business will continue to trade under the Union Bank brand, which has operated for more than a century.
“This is 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,” said Yetunde Oni, Union Bank’s managing director and chief executive, in a statement.
The consolidation has expanded Union Bank’s national footprint to 293 service centres and 937 ATMs, backed by strengthened digital banking infrastructure. Executives say the bank is now positioned to accelerate growth across retail, SME, and corporate banking, where competition has intensified as lenders vie for a share of Africa’s most populous economy.
For Union Bank, which was founded in 1917 and has weathered decades of restructuring and regulatory reforms, the merger represents both continuity and reinvention. The institution has historically been known for its conservative reputation but in recent years has sought to revitalise its brand to appeal to younger, tech-savvy customers. Titan Trust, meanwhile, brought a reputation for agility and innovative practices that resonated in a fast-changing digital financial environment.
“The merger brings together the best of both worlds: Union Bank’s trusted heritage and Titan Trust’s forward-looking dynamism. This is a new era of growth, 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,” said Bayo Adeleke, chairman of Union Bank’s board.
Nigeria’s banking sector has been undergoing a wave of consolidation and digital transformation, shaped by regulatory pressures, rising competition, and the rapid adoption of mobile and online banking. Analysts say Union Bank’s integration with Titan Trust positions it to compete more effectively with larger rivals such as Access Bank, Zenith Bank, and First Bank, which have expanded aggressively at home and across Africa.
The bank has sought to reassure customers that the integration will not affect existing services. Account details remain unchanged, and the institution has pledged to maintain uninterrupted access to its full suite of products. It also promised an accelerated push towards digital solutions, reflecting the growing importance of technology in customer acquisition and retention.
The financial terms of the deal were not disclosed in the announcement, but the CBN’s approval marks the culmination of a transaction that began when Titan Trust, backed by private equity, acquired a controlling stake in Union Bank in 2021. That acquisition sparked industry debate, as the much younger Titan Trust took control of an institution more than a century old.
The merger also underscores policy priorities, including deepening financial inclusion. According to World Bank data, nearly 36 per cent of Nigerian adults remain outside the formal financial system. Union Bank executives have repeatedly highlighted their ambition to play a larger role in bridging this gap, leveraging both physical presence and digital tools.
For now, Union Bank’s leadership is framing the integration as a springboard for long-term transformation. “What we are building is more than a larger bank; it is a stronger platform for sustainable growth, where customers can trust us to support them at every stage of their financial journey,” Oni said.
As Nigeria seeks to overcome challenges of economic uncertainty, high inflation, and foreign exchange volatility, lenders face increasing pressure to differentiate themselves. Union Bank is betting that its merger with Titan Trust will provide the operational scale, technological capabilities, and customer reach needed to remain competitive while navigating an uncertain macroeconomic climate.
According to analysts, the success of the integration will depend on how smoothly Union Bank can align Titan Trust’s nimble culture with its more traditional framework. If it succeeds, the merger could reshape the competitive dynamics of Nigeria’s mid-tier banking space, consolidating Union Bank’s legacy as one of the country’s most resilient and adaptive lenders.
