Titan Trust Bank has officially ceased operations following its complete absorption into Union Bank of Nigeria, marking the conclusion of a merger that has reshaped Nigeria’s banking landscape. The announcement was made on Monday in a statement by Union Bank’s Head of Brand and Marketing, Mrs. Olufunmilola Aluko, who confirmed that the Central Bank of Nigeria (CBN) had granted full approval for the integration.
According to the statement, all operations, assets, and services of Titan Trust Bank have now been consolidated into Union Bank, which will continue to operate under its established brand identity. Customers of Titan Trust were assured that their account details, deposits, and services remain intact, with no disruption expected in daily banking activities. “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,” Aluko explained.
Union Bank also reaffirmed the merger in a post on its official X (formerly Twitter) account, writing: “Titan Trust Bank is now Union Bank of Nigeria!” This public confirmation signals the final step in a transaction that began in 2023, when Titan Trust Bank acquired an 89.4 percent majority stake in Union Bank, leading to the latter’s delisting from the Nigerian Exchange Limited.
Industry observers note that the merger underscores the Central Bank’s efforts to strengthen the stability of the banking sector by encouraging consolidations that enhance efficiency and capital strength. The integration of Titan Trust into Union Bank is expected to improve operational capacity, expand customer reach, and increase competitiveness in Nigeria’s fast-changing financial services market.
With the merger now complete, Union Bank emerges as a stronger entity positioned to deliver enhanced services to its customers while navigating regulatory and market challenges. The development also marks the end of Titan Trust Bank’s relatively short-lived existence as an independent institution, closing a chapter in Nigeria’s banking industry history.
