Nigerian Bank Shuts Down, Updates Social Media Accounts to New Name
- Titan Trust Bank has officially moved its operations in Nigeria and updated its accounts to Union Bank after CBN approval
- The bank assured customers that although it has rebranded, services and account details remain unchanged
- The merger, driven by recapitalisation pressure, positions Union Bank among Nigeria’s top 10 banks by assets
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends
Titan Trust Bank Limited has officially changed its social media handles to Union Bank of Nigeria, formally ending its existence as a separate entity.
The decision was sealed after the Central Bank of Nigeria finally approved its long-awaited merger.
Source: Getty Images
Union Bank said that both institutions will continue to operate under its 108-year-old brand name,
Olufunmilola Aluko, the bank’s head of brand and marketing, said:
“Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined institution will continue under the Union Bank brand, while Titan Trust ceases to exist as a separate entity.”
Titan Trust changes social media account to Union Bank
Titan Trust on Monday, September 1 updated its social media pages, including X (formerly Twitter), with the message:
“Titan Trust Bank is Now Union Bank of Nigeria! Welcome to a StrongerUnion"
Customers were assured that account details and banking services would remain unchanged, with management pledging a seamless transition and a stronger focus on digital banking.
The merged bank now has more than 293 service centres, 937 ATMs, and 8 million customers across Nigeria.
Union Bank takes over
The merger caps a process that began in 2021 when Titan Trust acquired an 89.4% stake in Union Bank, triggering a mandatory offer for an additional 6.59%.
Union Bank was subsequently delisted from the Nigerian Exchange in 2023 after 52 years. The transaction later came under scrutiny after a leaked CBN report alleged that associates of former CBN Governor Godwin Emefiele were involved in Titan Trust’s creation and its takeover of Union Bank.
In January 2024, the CBN dissolved the boards of both banks over governance lapses and appointed Yetunde Oni as Union Bank’s chief executive.
Titan Trust Bank (TTB) was established on December 12, 2018, and began operating fully after obtaining its national banking license on April 26, 2019
Source: Getty Images
What next?
With the new changes, all Titan Trust Bank branches will now carry the Union Bank logo and branding. Customers of Titan Trust can contact Union Bank via email at customerservice@unionbankng.com
In addition, all services already available to Union Bank customers, such as loans, will now be extended to Titan Trust Bank customers.
Full list of 7 biggest banks in Nigeria in 2025
Earlier, Legit.ng reported that Guaranty Trust Holding Company Plc has emerged as the most valuable commercial bank in Nigeria based on market capitalisation.
Data obtained from the Nigerian Exchange showed that the combined market capitalisation of seven financial institutions listed on the NGX stood at N13 trillion as of Friday, July 18.
Market capitalisation refers to how much a company is worth as determined by the stock market.
It is calculated by multiplying the company's current share price by the number of shares outstanding.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
