Union Bank of Nigeria

Union Bank (Nigeria)

Company type	Private
Industry	Financial Services
Founded	1917
Headquarters	36 Marina Lagos, Nigeria
Key people	Prof. Musa Gella Yakubu Chairman Ms. Olunfunke Iyabo Osibodu Group Managing Director
Products	Loans, Checking, Savings, Investments, Debit Cards
Total assets	US$826 million (2009)
Website	http://www.unionbankng.com

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

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, with an asset base estimated at US$826 million. That asset value makes it the 9th largest commercial bank in Nigeria by asset valuation.

The bank has several subsidiary companies and non-subsidiary affiliates:

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

• Consolidated Discounts Limited
• HFC Bank Ghana Limited
• Unique Venture Capital Management Company Limited

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

Branch Network

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.

Board of directors

The bank's activities are supervised by a fourteen (14) member Board of Directors, chaired by Professor Musa Gella Yakubu, one of the Non Executive Directors, a former Director of the Central Bank of Nigeria.

Management Board

The Management Board is chaired by Mrs. Olunfunke Iyabo Osibodu, who serves as the Managing Director and Chief Executive Officer of the bank. She has been at the helm of the bank since August 2009.

See also

• List of banks in Nigeria
• Economy of Nigeria

External links

• Union Bank of Nigeria Homepage
• Union Bank listing on Easykobo
• Google Finance listing for Union Bank of Nigeria