Union Bank of Nigeria, one of the country’s oldest financial institutions, has completed its merger with Titan Trust Bank Limited after securing Central Bank approval.
The deal, which began in 2021 with the signing of an initial agreement, dragged on for four years as both banks worked through regulatory approvals and compliance hurdles.
Union Bank absorbs Titan Trust’s operations and assets while maintaining its own brand identity. Customer accounts remain unchanged, and services at Union Bank will continue as usual.
The merger comes as Nigerian banks scramble to meet CBN’s recapitalisation requirements ahead of the March 2026 deadline.
While GTBank has successfully raised fresh capital through rights issues and listing on the London Stock Exchange (LSE), others are choosing the merger route to avoid the threat of losing their licences. For Union Bank, the Titan Trust merger brings added scale and resources to stay competitive in Nigeria’s evolving banking landscape.
