• Union Bank merges with Titan Trust, forms single entity
• All TTB assets, branches now under the Union Bank brand
• Merger aims to boost services, lending, and digital growth

Union Bank of Nigeria has finalized its merger with Titan Trust Bank (TTB), the bank announced on Sunday, August 31, 2025. The move, approved by the Central Bank of Nigeria (CBN), completes an integration process that began four years ago.

On Monday, September 1, the two entities officially combined, with the unified bank operating under the name Union Bank of Nigeria Plc. The new entity absorbed all of Titan Trust Bank’s operations and assets, and TTB no longer exists as a separate company. All former Titan Trust branches are now operating under the Union Bank brand.

Union Bank CEO Yetunde Oni said the merger marks a key moment in the bank's history and will enhance its services. She promised continuity for customers and a full range of banking products, along with an acceleration of digital solutions. Beyond continuity, the consolidation is expected to create operational synergies and boost the bank's capacity to finance Nigeria's economy, which faces high credit demand from households and businesses. The CBN sees the merger as part of a broader push to recapitalize and consolidate the Nigerian banking sector.

The merger process began in 2021 when Titan Trust Bank signed a share sale agreement to acquire 89.39% of Union Bank's capital. In June 2022, Titan Trust secured a $300 million loan from Afreximbank to complete the transaction. By March 31, 2023, Titan Trust Bank’s stake in Union Bank had grown to 94.05%, after which it announced a plan to buy out the remaining minority shareholders.

Titan Trust Bank was founded in December 2018 and began operations in October 2019. Its parent company, Tropical General Investments (TGI) Group, is a diverse conglomerate with interests in food, chemicals, consumer goods, and commodity trading across Nigeria, West Africa, Southern Africa, the Middle East, and Asia.

Chamberline Moko