Nigeria’s Central Bank Okays Merger of Two Local Banks

Four years since beginning of merger talks, two Nigerian banks – Union Bank and Titan Trust Bank Limited – have secured the approval from the Central Bank of Nigeria (CBN) to become a single entity.

Under the terms of the merger, Union Bank, which is one of the nation’s longest-standing financial institutions, 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.

According to Union Bank’s Chief Brand and Marketing Officer Olufunmilola Aluko, this merger positions Union Bank as an even stronger force within Nigeria’s financial services sector.

The consolidation is taking place at a time when Nigerian banks are jostling with each other investments to boost their capital to meet the CBN minimum capital requirements deadline of March 2026.

“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,” Aluko said.

Union Bank’s Managing Director and CEO Yetunde Oni described the development as “a pivotal moment in their 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,” Oni added.

New Era of Growth

Union Bank’s Chairman Bayo Adeleke said that this is a new era of growth, collaboration, and shared prosperity. By bringing together the strengths of both institutions, they were committed to creating lasting value for the bank’s customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.

“By bringing together the strengths of both institutions, Union Bank is committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda,” he added.

Union Bank has also assured the customers that there will be no disruption to existing services, noting that account details remain unchanged, and they will continue to access a full suite of products and services seamlessly, with an accelerated push towards enhanced digital solutions.

This strategic merger strengthens Union Bank’s market position, unlocks operational synergies, and underscores its ambition to deliver a modern, robust, and inclusive banking experience for all.

It may be recalled that the 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.