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About Union Bank Nigeria, History, Vision and Mission.
About Union Bank – Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In this article, all you need to know about Union Bank has been highlighted below. Union Bank is Nigeria’s most reliable and trusted banking partner. It makes lives better by delivering the simplest, smartest solutions and guaranteeing the best experience every time.
About Union Bank
Union Bank is Nigeria’s most reliable and trusted banking partner. We make lives better by delivering the simplest, smartest solutions and guaranteeing the best experience every time.
Union Bank of Nigeria (“UBN”) was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, SMEs, commercial and corporate clients.
With a robust geographical network comprising more than 284 service centers and over 934+ ATMs spread across Nigeria, we have remained committed to helping individuals, families, and businesses grow for nearly a century.
We are committed to be widely recognized as Nigeria’s most reliable and trusted banking partner. Our ambition is hinged on successfully delivering against six strategic pillars including the quality of our customer experience, client base, talent, banking platform, professional standards, and earnings.
Aggressive execution of our strategy is underway, leveraging a robust transformation team largely focused on people, processes, and technology.
Union Bank is Nigeria’s most reliable and trusted banking partner.
Union Bank makes lives better by delivering the simplest, smartest solutions and guaranteeing the best experience every time.
Finding simpler and smarter ways to do things better every time. We are a forward-thinking bank.
Its rich history can be traced to 1917 when it was first established as Colonial Bank.
In 1925 the bank became known as Barclays Bank DCO (Dominion, Colonial, and Overseas) resulting from its acquisition by Barclays Bank.
Following Nigeria’s independence and the enactment of the Companies Act of 1968, the bank was incorporated as Barclays Bank of Nigeria Limited (BBNL, est. 1969).
Between 1971 and 1979, the bank went through a series of changes including its listing on the NSE and share acquisitions/transfers driven by the Nigerian Enterprises Promotion Acts (1972 and 1977); this resulted in its evolution into a new wholly Nigerian-owned entity.
To reflect the new ownership structure, and in compliance with the Companies and Allied Matters Act of 1990, it assumed the name Union Bank of Nigeria Plc.
In 1993, in line with its privatization/commercialization drive, the Federal Government divested by selling its controlling shares (51.67%) to private investors.
Thus, Union Bank became fully owned by Nigerian citizens and organizations all within the private sector. During the Central Bank of Nigeria’s (CBN) banking sector consolidation policy, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd. and absorbed its one-time subsidiary, Union Merchant Bank Ltd.
In compliance with CBN’s Regulation 3, UBN is divesting of all non-core banking subsidiaries, which aligns with our core banking business model. Union Bank, United Kingdom (UBUK) will remain the only subsidiary.
Following the banking crisis in 2009 and the intervention of the CBN via Asset Management Company of Nigeria (AMCON), was recapitalized in 2012 with an injection of $500 million by Union Global Partners Limited (UGPL), a consortium of local and international investors.
UGPL acquired 65% of the bank’s shareholding and in the last quarter of 2014, AMCON’s remaining 20% stake in the bank was acquired by Atlas Mara. UGPL comprises:
- Africa Capital Alliance
- ADC African Development Corporation
- Corsair Capital
- FMO (the Netherlands Development Finance Company)
- Chandler Corporation
- Standard Chartered Private Equity
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