₦airaland Forum

......Customers’ accounts to remain unchanged

by Desmond Okon


Union Bank of Nigeria has announced the completion of its merger with Titan Trust Bank Limited.

The merger followed a final approval from the Central Bank of Nigeria (CBN), according to a statement on Monday.

The development comes three years after Titan acquired Union Bank, one of the nation’s longest-standing financial institutions, in 2022.

The consolidation is occurring at a time when Nigerian banks are scrambling for investments to boost their capital in a race to meet the CBN minimum capital requirements deadline of March 2026.

Under the terms of the merger, according to the statement, “Union Bank 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,” the statement reads.

“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.”

Speaking on the milestone, Olufunmilayo Aluko, Union Bank’s chief brand and marketing officer, said the merger concludes a process that began with the signing of a share sale agreement in 2021.

Aluko said the move positions the bank as a stronger force within Nigeria’s financial services sector.

Yetunde Oni, the managing director and chief executive officer (CEO) at Union Bank, described the development as “a pivotal moment in our 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 said.

Also speaking on the transaction, Bayo Adeleke, chairman of the board of directors, said it marked a “new era” of growth, collaboration, and shared prosperity.

According to the chairman, 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”.

The financial institution said the “strategic consolidation” strengthens its market position, unlocks operational synergies, and underscores its ambition to deliver a “modern, robust, and inclusive banking experience for all”.

The organisation assured customers that there would be no disruption to existing services.

The company said account details will remain unchanged, promising that customers will continue to access a full suite of products and services seamlessly, “with an accelerated push towards enhanced digital solutions”.

In November 2023, Union Bank announced plans to delist from the stock market.

https://www.thecable.ng/union-bank-completes-merger-with-titan-trust-bank-4-years-after-share-sale-deal/

Congratulations Union bank and Titan customers

This Union Bank sef. Titan should have just acquired the bank

Back in the day there was first bank, UBA and Union bank. They were the 1st tier banks. Union bank has just been languishing. I can’t remember last time I saw a Union bank branch.

It used to be Barclays Bank.

More banks need to merge oo.


Good morning beautiful people!

They have tried. It's an ancient bank., Good luck to their merger

Titan on the beat.




40 character let someone breathe

It's a new month everyone

A big congratulations to the customers of Union Bank for staying afloat.

My union bank, lately their services has improved, I will still continue to bank with union bank because I just love the bank I don't why, maybe it's because it was my father that introduced me into it, as a matter of fact it is a family bank to us

Better to merge than to fold up completely. Kudos to union bank

Union bank staff will start getting sacked and replaced with contemporaries from Titan.

This is a welcome development.
The most important thing is the people cash deposit are safe

Staying afloat,not an easy task anymore….

Why 40 words

Titan bought Union Bank and Union bank absorbed Titan. it is confusing

Good....hope CBN have finish their case against Union bank now.

I have both bank accounts. I hope Titan Trust revamps Union. Union bank is a first generation bank surprisingly having young people that behave like those old bankers of those days.

Titan better teach them how to look after their customers well.

Titan Trust acquired Union Bank but it's Union Bank absorbing Titan Trust Bank? What kind of confusing reporting is this, or is it that they decided to ride on the existing "goodwill" of the Union Bank?

I thought i was the only one that saw that, very confusing. From the text, it appears Union bank is still in charge

atobs4real:
Titan bought Union Bank and Union bank absorbed Titan. it is confusing

atobs4real:
Titan bought Union Bank and Union bank absorbed Titan. it is confusing

I thought I was the only that saw it. I'm only familiar with the acquiring Bank absorbing the acquired and their name being the new Brand.

Mergers and acquisitions are effective strategies for business growth. Standard Trust Bank and UBA merged in 2005.

This will make the forum more interesting for everyone.

It's still funny how these new takers are acquiring old takers in the banking industry.

atobs4real:
Titan bought Union Bank and Union bank absorbed Titan. it is confusing

Confusing. But reading, shows Titan is the one that acquired Union Bank. However, they will be maintaining the name as Union Bank while Titan Bank name will be discontinued.

Union Bank has been on the decline for a while now. Any thinking person knows that a merger is the next move.
https://amp.ayangbaru.com/Google-Knowledge-Panel-2.jpg

atobs4real:
Titan bought Union Bank and Union bank absorbed Titan. it is confusing

Has to do with strong brand name. Union bank has a very long history and more customer base.

Yes, Titan bought Union bank. But they dare not change Union bank to Titan Trust bank.

Same thing Elumelu did when he acquired UBA using Standard Trust Bank.

Finally , it took so long ..they started wrong accusing Emeifele of owning Titan trust

DeOTR:
I thought I was the only that saw it. I'm only familiar with the acquiring Bank absorbing the acquired and their name being the new Brand.

I guess they decided to go with the name that's got history. Like when UBA and STB merged. STB was the acquirer, yet they took the UBA name.

That said, Union Titan Bank or Union Trust Bank won't be a bad name.

This is a good move by maintaining the Union Bank Brand name. Kudos to them

Was it a merger or acquisition?



more characters needed

Very useless bank filled with non-entities. To resolve a twenty thousand failed withdrawal transaction is taking them 1year three months.

Good luck to Union Bank. I pray the merger brings out the best in them. It's well.