Union Bank opens search for new core investor after TitanTrust Merger

Union Bank of Nigeria Plc is preparing to commence the search for a new core investor following the completion of its long-awaited merger with TitanTrust Bank Limited, a development that signals a fresh chapter for the 107-year-old institution.

The bank confirmed that it had secured final regulatory approval from the Central Bank of Nigeria (CBN), formally integrating TitanTrust Bank into its operations.

The merger process, initiated in 2022, had been slowed by governance and ownership disputes that eventually drew regulatory intervention.

In 2023, both Union Bank and TitanTrust Bank were placed under CBN control to address concerns over their ownership structures and compliance record. The intervention cleared the way for a regulatory-led merger that effectively reset Union Bank’s shareholder base.

Industry sources indicated that Tropical General Investments (TGI) Group, the original shareholder of TitanTrust Bank, is no longer part of the newly consolidated entity.

This development has created room for a fresh core investor to inject capital, provide strategic direction, and ensure long-term stability.

According to insiders, talks with potential investors have already begun as the bank works to reinforce its standing ahead of the CBN’s recapitalisation deadline.

The apex bank has mandated Nigerian lenders to meet a combined industry capital target of about N4.1 trillion within 24 months. So far, banks have raised an estimated N2.8 trillion, leaving a shortfall of more than N1.3 trillion with only six months remaining.