Union Bank of Nigeria

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Union Bank (Nigeria)
Type Private
Industry Financial Services
Founded 1917
Headquarters 36 Marina
Lagos, Nigeria
Key people Senator. Udo Udoma
Chairman
Emeka Emuwa
Group Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards
Total assets US$6.784 billion (NGN:1.049 trillion) (2012)
Website http://www.unionbankng.com

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

Overview[edit]

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 June 2012, the bank's asset base was estimated at US$6.784 billion (NGN:1.049 trillion). The shareholders' equity at that time was estimated at US$1.22 billion (NGN:188.4 billion).[1] The bank has several subsidiary companies and non-subsidiary affiliates: [2]

Subsidiaries
  • Union Homes Savings and Loans Plc.
  • Union Trustees Limited
  • Union Assurance Company Limited
  • Union Bank United Kingdom Plc.
  • Banque Internationale du Benin, Cotonou
  • UTL Communications Services Limited
  • UBN Property Company Limited
  • Union Capital Markets Limited
  • Union Registrars Limited
Affiliated companies

History[edit]

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 former Universal Trust Bank Plc. and Broad Bank Limited. It also absorbed its former subsidiary Union Merchant Bank Limited

Ownership[edit]

As at June 2013, the owners of the shares of Union Bank of Nigeria include the following corporate entities and individuals:[3]

Union Bank of Nigeria Stock Ownership
Rank Name of Owner Percentage Ownership
1 Union Global Partners Limited 63.57
2 Other Investors 15.36
3 Asset Management Company of Nigeria 21.08
Total 100.00

Branch Network[edit]

The bank maintains a vast network of interconnected branches in all Nigerian states. It has two wholly owned bank subsidiaries; one in Cotonou, Benin and another in London, in the United Kingdom. It also maintains a Representative Office in Johannesburg, South Africa.[4]

Board of directors[edit]

The bank's activities are supervised by a thirteen-member board of directors, chaired by Senator Udoma Udo Udoma, one of the non-executive directors, a former senator of the Federal Republic of Nigeria.[5]

Management board[edit]

The management board is chaired 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.[6]

See also[edit]

References[edit]

External links[edit]

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