Union Bank expands with 937 new ATMs and 293 service centers after Titan Trust merger

Union Bank of Nigeria's Merger with Titan Trust Bank

• Completion of Merger: Union Bank of Nigeria has successfully completed its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN). This merger integrates Titan Trust Bank's assets and operations into Union Bank, which now operates with 293 service centers and 937 ATMs across Nigeria.

• Operational Changes: Titan Trust Bank has ceased to exist as a legal entity, and all existing accounts, cards, and access channels for customers will remain active. The merger aims to enhance service delivery through an expanded physical and digital presence.

Strategic Implications of the Merger

• Strengthening Market Position: Union Bank's Head of Brand and Marketing, Olufunmilola Aluko, emphasized that the merger positions the bank as a stronger entity in Nigeria's financial services sector. The combined resources will allow for better service delivery and customer engagement.

• Unified Operations: The merger will lead to the consolidation of branches and ATMs, unified treasury and risk management, and a single core brand. Back-office functions will also be streamlined, providing a single point of regulatory interface under Union Bank.

Historical Context of Bank Mergers in Nigeria

• Trends in Banking Consolidation: The merger of Union Bank and Titan Trust Bank is part of a broader trend in Nigeria's banking industry, which has seen several significant mergers over the past two decades. Notable examples include Access Bank's merger with Diamond Bank in 2019 and UBA's merger with Standard Trust Bank in 2005.

• Customer Impact: The historical context indicates that such mergers typically result in larger branch networks, broader product offerings, and improved digital channels, ultimately benefiting customers through enhanced service continuity and access.

Future Outlook for Union Bank and Its Customers

• Enhanced Service Delivery: The merger is expected to provide Union Bank with a wider geographical presence and more self-service options for customers. Digital channels will remain central to service delivery, allowing customers to utilize mobile and online banking effectively.

• Commitment to Continuity: Union Bank has assured customers that there will be no disruption to ongoing services. Existing channels and contact points will remain operational, with any changes communicated in advance to ensure a smooth transition.