Union Bank Completes Full Merger with Titan Trust Bank After CBN Approval

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Union Bank of Nigeria has officially completed its merger with Titan Trust Bank (TTB), following approval from the Central Bank of Nigeria (CBN). The deal marks a significant shift in Nigeria’s banking sector, as TTB will now cease to exist as a separate entity, with all its operations and assets fully absorbed into Union Bank.

While the arrangement was originally seen as TTB taking over Union Bank, the final structure was reversed due to Nigeria’s ongoing recapitalization drive. The Central Bank had directed that international banks must raise a minimum of ₦500bn in share capital by March 31, 2026, while national banks must meet ₦200bn.

Titan Trust Bank, which was founded in 2019, had grown rapidly, with its Chairman, Tunde Lemo, acquiring an 89.39% stake in Union Bank in 2021. By 2022, TTB practically owned Union Bank. However, instead of collapsing Union into TTB, stakeholders agreed to integrate TTB into Union Bank because TTB reportedly fell short by ₦30bn in meeting recapitalization requirements.

According to CBN Governor Yemi Cardoso, as of July 2025 only 8 of 44 banks had complied with the new capital requirements. With this merger, Union Bank now joins the list of compliant institutions alongside Access Bank (₦602.8bn), Zenith Bank (₦614bn), Jaiz Bank (₦20bn), Wema Bank (₦200bn), Providus Bank (₦50bn), Stanbic IBTC (₦200bn), StanbicGreenwich Merchant (₦20bn) and Lotus Bank (₦20bn).

For Titan Trust Bank customers, the transition will be seamless, much like the Access Bank–Diamond Bank merger. Account numbers and banking operations will remain unchanged, but all services will now run under the Union Bank brand, described as a blend of stability and innovation.

The merger is expected to strengthen Union Bank’s position in Nigeria’s competitive financial sector as it looks to modernize, expand, and meet the recapitalization deadline ahead of 2026.