Titan Trust Bank Restricted has ceased operation as Union Bank of Nigeria has formally accomplished its merger, marking a major milestone in Nigeria’s banking sector.
The consolidation, accredited by the Central Bank of Nigeria (CBN), ends in the total absorption of Titan Trust Bank’s operations and belongings into Union Bank, successfully ending Titan Belief’s existence as a separate entity.
In keeping with a press release launched by Union Bank’s Head of Model and Advertising and marketing, Mrs. Olufunmilola Aluko, the merged establishment will proceed beneath the Union Bank model.
“Union Bank has absolutely absorbed Titan Trust Bank’s operations and belongings. The mixed establishment will proceed to function beneath the Union Bank model, whereas Titan Trust Bank ceases to exist as a separate entity,” she confirmed.
Transition and Buyer Assurance
Following the merger announcement, Titan Trust Bank up to date its branding throughout digital platforms, together with X (previously Twitter), with a message stating: “Titan Trust Bank is Now Union Bank of Nigeria!”
Prospects have been assured that account particulars stay unchanged and companies will proceed uninterrupted. The bank emphasised a seamless transition with an accelerated push towards enhanced digital banking options.
The merger brings collectively Union Bank’s 108-year legacy and Titan Belief’s agility and innovation, creating a sturdy platform for sustainable development and broader monetary inclusion. Union Bank now boasts over 293 service facilities and 937 ATMs nationwide, serving greater than 8 million prospects.
Background and Regulatory Context
The merger concludes a posh journey that started in 2021 with a Share Sale Settlement. In 2022, Titan Trust Bank acquired an 89.4% stake in Union Bank, triggering a Necessary Takeover Provide (MTO) for a further 6.59% of Union Bank’s shares, valued at 50 Kobo every. This acquisition led to Union Bank’s delisting from the Nigerian Alternate (NGX) in 2023 after 52 years.
Nevertheless, the transaction was marred by controversy. A leaked CBN Particular Investigation Report alleged that proxies linked to former CBN Governor Godwin Emefiele had been concerned in establishing Titan Trust Bank and orchestrating the acquisition of Union Bank.
In January 2024, the CBN dissolved the boards of each banks, citing regulatory non-compliance and governance failures.
Yetunde Oni was subsequently appointed as the brand new Managing Director and Chief Government Officer of Union Bank, tasked with steering the establishment by means of regulatory reforms and recapitalization efforts.
What You Ought to Know
- The merger comes as Nigerian banks race to satisfy the CBN’s March 2026 recapitalization deadline.
- Titan Trust Bank reportedly confronted a N30 billion shortfall in assembly the brand new capital threshold, prompting the strategic merger to safeguard its operations and guarantee compliance.
- This merger is seen as a blueprint for future consolidations, with smaller banks anticipated to pursue related partnerships to outlive the tightening regulatory panorama. The newly consolidated Union Bank is now positioned amongst Nigeria’s high ten banks by belongings.
Chairman of Union Bank’s Board, Bayo Adeleke, described the merger as “a brand new period of development, collaboration, and shared prosperity,” reinforcing the bank’s dedication to monetary inclusion and financial improvement.