Titan Trust Bank Restricted has ceased operation as Union Bank of Nigeria has formally accomplished its merger, marking a major milestone in Nigeria’s banking sector.
The consolidation, authorised by the Central Bank of Nigeria (CBN), ends in the total absorption of Titan Trust Bank’s operations and property into Union {Bank}, successfully ending Titan Belief’s existence as a separate entity.
In response to an announcement launched by Union {Bank}’s Head of Model and Advertising, Mrs. Olufunmilola Aluko, the merged establishment will proceed beneath the Union {Bank} model.
“Union {Bank} has totally absorbed Titan Trust Bank’s operations and property. The mixed establishment will proceed to function beneath the Union {Bank} model, whereas Titan Trust Bank ceases to exist as a separate entity,” she confirmed.
Following the merger announcement, Titan Trust Bank up to date its branding throughout digital platforms, together with X (previously Twitter), with a message stating: “Titan Trust Bank is Now Union Bank of Nigeria!”
Prospects have been assured that account particulars stay unchanged and providers will proceed uninterrupted. The {bank} emphasised a seamless transition with an accelerated push towards enhanced digital banking options.
The merger brings collectively Union {Bank}’s 108-year legacy and Titan Belief’s agility and innovation, creating a sturdy platform for sustainable progress and broader {financial} inclusion. Union {Bank} now boasts over 293 service facilities and 937 ATMs nationwide, serving greater than 8 million prospects.
The merger concludes a posh journey that started in 2021 with a Share Sale Settlement. In 2022, Titan Trust Bank acquired an 89.4% stake in Union {Bank}, triggering a Necessary Takeover Provide (MTO) for an extra 6.59% of Union {Bank}’s shares, valued at 50 Kobo every. This acquisition led to Union {Bank}’s delisting from the Nigerian Alternate (NGX) in 2023 after 52 years.
Nonetheless, the transaction was marred by controversy. A leaked CBN Particular Investigation Report alleged that proxies linked to former CBN Governor Godwin Emefiele had been concerned in establishing Titan Trust Bank and orchestrating the acquisition of Union {Bank}.
In January 2024, the CBN dissolved the boards of each banks, citing regulatory non-compliance and governance failures.
Yetunde Oni was subsequently appointed as the brand new Managing Director and Chief Government Officer of Union {Bank}, tasked with steering the establishment by regulatory reforms and recapitalization efforts.
Chairman of Union {Bank}’s Board, Bayo Adeleke, described the merger as “a brand new period of progress, collaboration, and shared prosperity,” reinforcing the {bank}’s dedication to {financial} inclusion and {economic} growth.
