Union Bank of Nigeria

Union Bank of Nigeria Plc is a commercial bank in Nigeria. It has been operating in Nigeria since 1917.

Union Bank of Nigeria
TypePublic Company
NSE:UBN
IndustryFinancial Services
Founded1917
Headquarters36 Marina, Lagos Island, Lagos, Lagos State, Nigeria
Key people
Cyril Akporuere Odu
Chairman
Emeka Emuwa
Chief Executive Officer
Total assetsUS$4.1 billion (NGN1,381 billion) (2018)
Websitehttp://www.unionbankng.com

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).[1]

History

The bank's history can be traced to 1836 when London bankers and British merchants obtained a royal charter from William IV to conduct banking business in the Caribbean. These group of investors then formed Colonial Bank. Following an act of parliament empowering the bank to open more branches beyond the Caribbean, Colonial bank began operations in Nigeria in 1917. Operations started with banking centers in Lagos, Jos and Port-Harcourt. Further centers were opened in financially important areas, in 1918, the bank opened additional centers at Ebute-Metta, Onitsha, Ibadan, Kano and Zaria and then added another branch at Burutu in 1921.[2] During this time, Colonial's banking activities also covered other cities in British West Africa including Accra and Freetown. In 1925, Barclays Bank acquired Colonial Bank, changing the bank's name to Barclays Bank (Dominion, Colonial and Overseas) and later Barclays Bank (DCO). During the period between 1925 and 1950, commercial expansion was hampered by the Great Depression and World War II, though the bank continued to operate steadily opening a few branches but also closing some branches. In the 1950s, the bank increased operations in Nigeria and by the beginning of 1960 it had a total of 41 branches.[2]

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.

Member Companies

The companies that comprise the Union Bank of Nigeria Plc include :[3]

Subsidiaries

Ownership

The shares of Union Bank of Nigeria are listed on the Nigerian Stock Exchange[4] 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:[5]

Union Bank of Nigeria Stock Ownership
RankName of OwnerPercentage Ownership
1Union Global Partners Limited65.5%
2Other Investors9.6%
3Atlas Mara Ltd24.9%
Total100.00
  • 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

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.[6]

Management

The bank's activities are supervised by a thirteen-member board of directors, chaired by Cyril Odu.[7]

The management board is led by 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.[8]

See also

References
  1. Anaro, Blessing (2012-10-30). "Nigeria: Standard Chartered Group, Others Buy 65 Percent Stake in Union Bank". Leadership (Abuja). Retrieved 2017-08-29.
  2. "Union Bank Bounces Back". Nigerian Enterprise. Yaba, Lagos: VBO International Ltd. 3: 28–29. 1983.
  3. "Union Bank of Nigeria 2012 Annual Report" (PDF). Union Bank of Nigeria. December 31, 2012. Retrieved December 27, 2014.
  4. "Nigerian Stock Exchange > Issuers > Listed Securities > Company Details> Union Bank of Nigeria". Nigerian Stock Exchange. December 23, 2014. Retrieved December 27, 2014.
  5. Anaro, Blessing (2012-10-30). "Nigeria: Standard Chartered Group, Others Buy 65 Percent Stake in Union Bank". Leadership (Abuja). Retrieved 2017-08-29.
  6. The Branch Network of Union Bank of Nigeria
  7. "Cyril Akporuere Odu, African Capital Alliance: Profile and Biography - Bloomberg Markets". Bloomberg.
  8. Emeka Emuwa is the MD & CEO of Union Bank of Nigeria Archived 2011-07-17 at the Wayback Machine
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