Union Bank of Nigeria Plc has completed its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN), concluding a process that began in 2021 with a share sale agreement.
The acquisition, valued at about N191 billion (approximately USD 500 million at the time), is one of the largest banking transactions in Nigeria since the 2019 merger of Access Bank and Diamond Bank. The transaction was finalized in June 2022 after receiving regulatory clearances from the CBN, the Nigerian Exchange (NGX), and the Securities and Exchange Commission (SEC). The announcement in 2025 marks the formal completion of the merger, fully integrating Titan Trust Bank into Union Bank of Nigeria.
Background and Context
Founded in 1917, Union Bank of Nigeria is one of the country’s oldest financial institutions. Initially set up as a branch of Barclays Bank, it has grown into a major commercial bank with more than 280 service centres across Nigeria, a listing on the NGX since 1971, and an established footprint across retail, SME, and corporate banking.
Titan Trust Bank, in contrast, is a relatively new entrant. Licensed as a national commercial bank in October 2019, it quickly became known for its digital-first model and won recognition as “Best Trade Finance Provider in Nigeria” in both 2021 and 2022 from Global Finance Magazine. Despite its short history, Titan Trust gained rapid momentum, supported by its parent company, Tropical General Investments (TGI) Group.
In December 2021, Titan Trust Bank signed a Share Sale and Purchase Agreement (SSPA) with Union Bank’s majority shareholders, including Union Global Partners Limited, Atlas Mara Limited, and other investors, to acquire a 93.41% stake in Union Bank. This paved the way for a full combination of both institutions.
Terms of the Merger
Under the terms of the merger, Union Bank has absorbed all of Titan Trust Bank’s operations, assets, and liabilities, creating a unified entity that will continue to operate under the Union Bank of Nigeria brand. Titan Trust Bank ceases to exist as a separate institution.
The merged entity now operates over 293 service centres and 937 ATMs across Nigeria and has strengthened its digital platforms. The integration combines Union Bank’s longstanding infrastructure and market presence with Titan Trust’s digital expertise and operational agility.
The process was managed by a consortium of global and local advisers. Rothschild & Cie and Citibank acted as financial advisers, while PricewaterhouseCoopers (PwC) conducted financial due diligence. Legal advisory was provided by Norton Rose Fulbright and Banwo & Ighodalo. Financing for the acquisition was supported by a USD 300 million loan from the African Export-Import Bank (Afreximbank) and proceeds from TGI Group’s earlier sale of its Chi Ltd business to Coca-Cola.
Strategic and Operational Implications
Union Bank’s Managing Director and Chief Executive Officer, Yetunde Oni, described the Union Bank of Nigeria merger with Titan Trust Bank as “a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers.” She emphasized that combining Union Bank’s heritage and reach with Titan Trust’s innovation would improve service delivery across retail, SME, and corporate segments.
Board Chairman Bayo Adeleke said the merger represented “a new era of growth, collaboration, and shared prosperity,” highlighting its potential to create long-term value for customers, shareholders, and Nigerian communities.
Union Bank confirmed that the merger will not disrupt customer services. Existing account details, including account numbers, remain unchanged, ensuring continuity during the transition. The bank is also accelerating investments in digital channels to meet growing demand for technology-driven banking services.
Industry Context
The Union Bank of Nigeria and Titan Trust Bank merger comes at a time when lenders are consolidating capital positions ahead of the CBN’s new minimum capital requirements, which must be met by March 2026. Analysts expect the enlarged Union Bank to be better positioned to compete in a market where size, digital capacity, and strong balance sheets are becoming critical.
The deal also comes as Nigeria’s top banks race to capture a larger share of an expanding retail and SME customer base, much of which remains unbanked or underbanked. The merged entity aims to strengthen both physical and digital service delivery, by combining Titan Trust’s digital-first model with Union Bank’s extensive branch and ATM network.
Challenges and Scrutiny
The transaction had faced scrutiny in 2023 during a special investigation into the CBN’s activities, which raised allegations of improprieties in the Union Bank acquisition linked to former CBN Governor Godwin Emefiele. Titan Trust Bank and its chairman, Tunde Lemo, denied any wrongdoing, stating that the acquisition was conducted transparently and in compliance with regulatory standards.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.