CBN approves merger of two banks

The Central Bank of Nigeria has given final approval for the merger between Union Bank of Nigeria Plc and Titan Trust Bank Limited.

This completes a process that began in 2021 with the signing of a Share Sale Agreement.

With the conclusion of the transaction, Union Bank has taken over Titan Trust’s operations and assets, leaving the 108-year-old financial institution as the surviving entity.

The bank will continue to operate under the Union Bank name, while Titan Trust ceases to exist as a separate bank.

Union Bank now has more than 293 service centres and 937 Automated Teller Machines across the country, supported by stronger digital platforms designed to serve retail customers, small and medium businesses, and large corporations.

The merger combines Union Bank’s long-standing reputation with Titan Trust’s agility, creating a broader base for financial inclusion and sustainable growth.

The bank assured customers that their account details remain unchanged and services will continue without interruption.

It added that the integration will accelerate the rollout of enhanced digital solutions to meet the growing needs of Nigerians.