Union Bank adds 937 new ATMs following Titan Trust merger

Union Bank of Nigeria now has 293 service centres and 937 ATMs nationwide following the completion of its merger with Titan Trust Bank Limited. This comes after the Central Bank of Nigeria (CBN) granted final approval of the transaction, and Titan Trust Bank has been fully incorporated into Union Bank’s operations under the Union Bank brand.

The merger finalises a process that began in 2021 with a Share Sale Agreement that set Titan Trust Bank’s acquisition and integration path. On the merger terms, Titan Trust’s assets, liabilities, and business have been conveyed into Union Bank. Titan Trust Bank ceases to exist as a legal entity. Union Bank says existing current accounts, cards, and access channels remain active, with service delivery supported by its expanded physical presence and digital channels.

Olufunmilola Aluko, Head of Brand and Marketing, said that the completion of the merger “positions Union Bank as an even stronger force in Nigeria’s financial services landscape.”

With 293 service outlets and 937 ATMs, Union Bank’s network now extends to more locations in retail, SME, and corporate banking. Customers will continue to make transactions using the same account numbers, while channels such as mobile apps, USSD, internet banking, and cards will remain active.

As system and platform alignments progress, customer communication will precede any realignment of channel access, branch mapping, or product migration.

The merged institution combines Union Bank’s franchise with Titan Trust’s infrastructure and relationships. On the operational side, the merger provides branch and ATM consolidation, unified treasury and risk management, and a single core brand. Back-office functions, including settlement, reporting, and compliance, move to a unified regime, providing a single point of regulatory interface under Union Bank.

Union Bank Managing Director and Chief Executive Officer, Yetunde Oni, described the merger as “a defining moment in our 108-year history, and a platform for unlocking more value for our customers. By combining stability with innovation, we are even more strongly placed to address the changing needs of Nigerians and to be their most trusted financial institution.”

Chairman, Board of Directors, Bayo Adeleke, has said: “This is a new era of growth, collaboration, and shared prosperity. By merging the capabilities of the two institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.”

The final CBN approval marks the completion of regulatory reviews and allows the bank to execute its post-merger plan. The plan entails standardisation of product catalogues, where applicable, harmonising pricing and fee structures in line with regulation, collapsing vendor and technology stacks, and standardising customer support processes across all touch points.

Bank mergers shaping Nigeria’s retail and corporate market

Union Bank’s deal comes after a string of mergers that have transformed Nigeria’s banking industry in the last two decades. In 2019, Access Bank merged with Diamond Bank to form a larger bank by customer base with an expanded branch and digital footprint. In 2005, United Bank for Africa (UBA) merged with Standard Trust Bank under the UBA brand.

Stanbic Bank Nigeria and IBTC Chartered Bank consolidated as Stanbic IBTC in 2007. First City Monument Bank (FCMB) took over FinBank in 2012, expanding its network. Ecobank took over Oceanic Bank in 2011, expanding its distribution across major urban centres.

These followed regulatory approval, asset and liability movement, license consolidations under the surviving brand, and systems and staff integration in phases. Outcomes were larger branch and ATM networks, broader product sets, and merged digital channels. The Union Bank–Titan Trust experience reflects the same pattern: one surviving brand, broader access points, and a defined pathway for integration.

For customers, the impact is centred on continuity and access. Existing account numbers remain valid; cards and digital credentials remain operative; and any change in branch codes, channel URLs, or fee structures is communicated in advance. For corporate and SME clients, mergers widen trade, cash management, and foreign currency services tapped from the combined balance sheet and platform strengths.

What the completed deal will imply for the market and customers

Union Bank’s footprint following the merger provides the institution with a broader geographical presence and additional self-service touchpoints for deposits, withdrawals, and account servicing. Digital channels remain at the heart of service delivery, with customers able to leverage the expanded network in addition to mobile and online banking for payments, transfers, collections, and other transactions.

The deal closure adds to the history of bank consolidation in Nigeria for scale, capital adequacy, and standardisation of risk management. With the acquisition of Titan Trust, Union Bank’s branch and ATM footprint increases customer acquisition in new markets, SME coverage, and corporate clients with cash logistics and nationwide collections.

Union Bank confirmed that there is no discontinuity to ongoing services as the fusion comes to a close. Clients can continue using their existing channels and contact points. Transitions such as branch relocations, unified service points, or alterations to support lines will be incremental and advertised.

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