NaijNaira
Titan Trust Bank has officially closed its doors after being fully absorbed into Union Bank of Nigeria, marking the end of its short-lived presence—www.naijnaira.com reports.
The Central Bank of Nigeria approved the merger, giving Union Bank complete control of Titan Trust Bank’s assets, branches, and digital platforms.
A public statement by Union Bank’s Head of Brand and Marketing, Mrs. Olufunmilola Aluko, confirmed: “The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.”
Customers were assured that accounts remain unchanged, while the new Union Bank promised stronger digital banking and uninterrupted services.
This move brings together Union Bank’s 108-year history with Titan Trust’s innovative drive, creating one of the top ten banks in Nigeria by assets.
Union Bank now operates 293 branches and 937 ATMs across the country, serving more than 8 million customers.
The process started in 2021 with a Share Sale Agreement that allowed Titan Trust to acquire 89.4% of Union Bank, later triggering a mandatory offer for more shares.
Union Bank was delisted from the Nigerian Exchange in 2023 after 52 years, completing one of Nigeria’s most talked-about bank takeovers.
However, controversy followed as a leaked CBN report alleged links between former CBN Governor Godwin Emefiele and Titan Trust’s formation.
In 2024, the CBN dissolved both banks’ boards for governance breaches before appointing Yetunde Oni as Union Bank’s new CEO.
Pressure mounted as Titan Trust struggled with a N30 billion capital shortfall ahead of the March 2026 recapitalization deadline.
Union Bank’s chairman, Bayo Adeleke, called the merger “a new era of growth, collaboration, and shared prosperity,” signaling confidence in the institution’s future.
