Union Bank Completes Merger with Titan Trust Bank
- Business
- 01.09.2025
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Union Bank Completes Merger with Titan Trust Bank
This strategic move represents a major consolidation within Nigeria’s financial services industry, creating a stronger and more competitive institution.According to a statement released on Sunday, the merger process began in 2021 with the signing of a Share Sale Agreement. After several regulatory checks and due diligence,
the Central Bank granted final approval, paving the way for the seamless integration of both institutions.
the combined institution continues to operate under the iconic Union Bank brand, which has been trusted by Nigerians for over a century.Mrs. Olufunmilola Aluko, Union Bank’s Chief Brand and Marketing Officer, emphasized that the consolidation will position Union Bank as a stronger force in the industry.
The new entity will now operate with an expanded footprint of more than 293 service centres and 937 ATMs nationwide, supported by a growing portfolio of digital channels
that cater to modern banking needs.She noted that this transformation combines Union Bank’s reputation for stability and heritage with Titan Trust Bank’s youthful agility and innovative banking approach.
The result is a platform that will drive broader financial inclusion, stronger service delivery, and sustainable growth.
According to her, the integration provides a launchpad for greater value delivery to customers across all banking segments.
“By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner,” she said.
Chairman of the Board of Directors, Mr. Bayo Adeleke, also hailed the merger as the beginning of a new era of growth, collaboration, and shared prosperity.
He reiterated the bank’s commitment to advancing financial inclusion and delivering long-term value to stakeholders.
and customers will continue to enjoy seamless access to a full suite of retail, SME, and corporate banking products.In fact, the merger is expected to accelerate the roll-out of more innovative digital solutions,
including improved mobile banking, online platforms, and tech-driven financial services designed to make transactions faster, safer, and more convenient.To further reassure customers, Union Bank had earlier sent an email campaign titled “This Union is Evolving”, welcoming clients to a stronger, more future-ready institution.
With a more extensive branch network and improved digital offerings, Union Bank aims to reach underbanked populations in rural and semi-urban areas.
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Industry experts believe the merger will unlock significant operational synergies, allowing Union Bank to leverage Titan Trust Bank’s innovative systems while
capitalizing on its own extensive customer base. This combination could reshape how millions of Nigerians access credit, savings, and investment opportunities.
Furthermore, the union of both banks is expected to enhance Nigeria’s capacity to support small and medium-sized enterprises (SMEs),
which remain a critical driver of job creation and economic growth.
According to them, the move signals stronger investor confidence in Nigeria’s economy and financial institutions.
Financial consultant, Dr. Emmanuel Adebayo, stated that mergers of this scale are crucial for Nigerian banks to remain competitive in a globalized economy.He noted that the combined strength of Union Bank and Titan Trust Bank would give customers better access to credit facilities,
more efficient customer service, and a stronger foundation for wealth creation.
The merger signifies more than just the combination of two banks — it is a bold statement about the future of banking in Nigeria.With increased financial capacity, better digital systems, and an expanded workforce, Union Bank is positioned to drive innovation across lending, payments,
and investment solutions while staying true to its century-old values of trust and dependability.Customers, shareholders, and stakeholders alike are watching closely as the bank transitions into this exciting new era of growth and transformation.
Does Titan Trust Bank Still Exist?
Following the merger between Union Bank of Nigeria and Titan Trust Bank Limited, Titan Trust Bank no longer exists as an independent financial institution. The merger was finalized after receiving approval from the Central Bank of Nigeria (CBN) in 2024, with all of Titan Trust’s assets and operations fully absorbed into Union Bank.
Today, the bank operates entirely under the Union Bank brand, and Titan Trust Bank as a separate entity has ceased to exist. However, its legacy continues as its innovative strategies and customer-focused banking practices have been integrated into Union Bank’s services, enhancing digital banking, financial inclusion, and operational efficiency.
Who Owns Titan Trust Bank?
Before the merger, Titan Trust Bank was owned by TGI Group (Tropical General Investments), a multinational conglomerate with interests in food, pharmaceuticals, agriculture, and financial services. TGI Group acquired a controlling stake in Union Bank in 2021, marking one of the biggest acquisitions in the Nigerian banking sector.
By leveraging Titan Trust Bank’s innovative and agile banking approach, combined with Union Bank’s long-standing heritage, the ownership structure has now been consolidated under Union Bank’s umbrella. Post-merger, Union Bank remains the operating brand, while Titan Trust’s influence is embedded in its operational strategies.
How Much Does Titan Trust Bank Pay?
Prior to its merger, Titan Trust Bank was recognized for offering competitive salaries within the Nigerian banking sector. Although exact figures varied based on role, experience, and department, entry-level staff were reported to earn between N120,000 and N150,000 monthly, while mid-level employees could earn between N300,000 and N600,000 monthly.
Senior executives, including department heads and directors, reportedly received salaries running into several millions of Naira, along with performance bonuses, allowances, and other benefits.
After the merger, salary structures are expected to align with Union Bank’s framework, maintaining competitive compensation packages designed to attract and retain top talent in the financial services industry.
Who is the CEO of Titan Trust Bank?
Before the merger, Mr. Mudassir Amray served as the Chief Executive Officer (CEO) of Titan Trust Bank. Under his leadership, Titan Trust Bank quickly became one of the fastest-growing banks in Nigeria, earning recognition for its digital-first approach and innovative banking solutions.
With the merger, Union Bank’s leadership has been restructured, and Mrs. Yetunde Oni now serves as the Managing Director/Chief Executive Officer of Union Bank of Nigeria. This transition marks a new chapter in Nigerian banking, where Titan Trust Bank’s leadership and strategic influence continue to play a role, even though the brand itself has been absorbed into Union Bank.
