Union Bank of Nigeria

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Union Bank of Nigeria Plc., commonly known as Union Bank of Nigeria, is a commercial bank in Nigeria.

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Overview

Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of Mar 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$4.1billion). The shareholders' equity at that time was estimated at NGN286 billion (US$851 million).

Maps Union Bank of Nigeria

History

The bank was founded in 1917 as Colonial Bank. In 1925, Barclays Bank acquired Colonial Bank, changing the bank's name to Barclays Bank (Dominion, Colonial and Overseas) or Barclays Bank (DCO). In 1969, Barclays Bank DCO was incorporated in Nigeria, as Barclays Bank of Nigeria Limited, to comply with new banking laws enacted in 1968.

In 1971, the shares of the bank stock were listed on the Nigerian Stock Exchange. In the same year, 8.33% of the bank's shares were offered to Nigerians. The following year, the Federal Government of Nigeria acquired 51.67% ownership of the bank, leaving Barclays Bank Plc. of London with 40% ownership. In 1979, that 40% was sold to Nigerian individuals and businesses to comply with then recently enacted banking and investment laws. The bank changed its name to Union Bank of Nigeria Plc, to reflect its new ownership structure.

In 1993, the Federal Government of Nigeria completely divested its ownership in the bank. Subsequently, Union Bank of Nigeria Plc. acquired the formeeUniversal Trust Bank Plc and Broad Bank Limited. It also absorbed its former subsidiary Union Merchant Bank Limited.

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Member Companies

The companies that comprise the Union Bank of Nigeria Plc include :

Subsidiaries

• Union Bank United Kingdom Plc.
• UBN Property Company Limited

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Ownership

The shares of Union Bank of Nigeria are listed on the Nigerian Stock Exchange under the ticker symbol ''UBN''. As at March 2018, the owners of the shares of Union Bank of Nigeria include the following corporate entities and individuals:

• Union Global Partners Limited is a consortium of financial institutions that include the following:
  • Africa Capital Alliance
  • African Development Corporation (ADC)**
  • African Development Corporation AG and Atlas Mara Co-Nvest Limited
  • Corsair Investments, L.P
  • FMO - the Netherlands Development Finance Company
  • PPF Holdings II Limited
  • Standard Chartered Private Equity
  • Altas Mara Ltd

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Branch Network

The bank maintains a vast network of interconnected branches in all Nigerian states. It has two wholly owned bank subsidiaries; Union Bank UK in London, United Kingdom and UBN Property Company Limited in Nigeria.

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Board of directors

The bank's activities are supervised by a thirteen-member board of directors, chaired by Cyril Odu.

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Management board

The management board is led by Mr Emeka Emuwa, who serves as the Managing Director and Chief Executive Officer of the bank. He has been at the helm of the bank since November 2012.

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See also

• Economy of Nigeria
• List of banks in Nigeria
• Union Bank UK

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References

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External links

• Official website
• Google Finance listing for Union Bank of Nigeria

Source of article : Wikipedia