History of Union Bank
Union Bank of Nigeria (“UBN”) was founded in 1917 and is one of Nigeria’s oldest and most respected financial institutions, offering a portfolio of retail, SME, corporate banking services. and businesses. band. With a strong geographical network of more than 293 service centers and more than 937 ATMs spread across Nigeria, Union Bank have remained committed to helping individuals, families and businesses thrive for nearly a century.
Union Bank is committed to being widely recognized as Nigeria’s most reputable and trusted partner. The bank ambition is driven by the success of her six strategic pillars, including Quality of Customer Experience, Customers, Talent, Banking Experience, Professional Standards and hertevenue. Active implementation of our strategy is underway, supported by a strong transformation team focused on people, processes and technology.
With a strong geographical network of more than 300 service centers and more than 950 ATMs spread across Nigeria, we have remained committed to helping individuals, families and businesses thrive for nearly a century.
We are committed to being widely recognized as Nigeria’s most trusted and trusted banking partner. Our ambition is based on the success of our six strategic pillars, including quality of customer experience, customers, talent, banking background, professional standards and our revenue. Active implementation of our strategy is underway, supported by a strong transformation team with a strong focus on people, processes and technology.
Our recent accolades and accolades include the Business Day Award for “Best Bank to Support Small and Medium Enterprises in Nigeria”, the Central Bank of Nigeria’s Award as Bank Best Agricultural Credit Guarantee Fund in Nigeria, MasterCard Cashless Champion Rewards:
Cashless POS Activation Champion and the first Nigerian bank to receive the latest PCI DSS (Payment Card Industry Data Security Standard) Version 3.0 certification. Through our unwavering commitment to transformation, we are repositioning Union Bank as a major player in the Nigerian banking industry – A Simpler, Smarter Bank.
Union Bank of Nigeria’s rich history dates back to 1917 when it was first established as Colonial Bank.
In 1925, the bank became known as Barclays Bank DCO (Dominion, Colonial and Overseas) acquired by Barclays Bank. After Nigeria’s independence and the enactment of the Companies Act 1968, the bank was established as Barclays Bank of Nigeria Limited (BBNL, established 1969).
Between 1971 and 1979, the bank underwent a series of changes, including listing on the NSE and share buybacks/transfers as a result of the Business Promotion Act of Nigeria (1972 and 1977); this led to its development into a new entity, wholly owned by Nigeria. To reflect the new ownership structure and in accordance with the Companies and Related Affairs Act 1990, it changed its name to Union Bank of Nigeria Plc. (UBN “Bank” or “Union Bank”).
In 1993, in line with the privatization/commercialization trend, the federal government divested by selling its controlling stake (51.67%) to private investors. As a result, Union Bank is wholly owned by Nigerian citizens and institutions, all of which are owned by the private sector. As part of the Central Bank of Nigeria’s (CBN) banking consolidation policy, Union Bank of Nigeria Plc has acquired Universal Trust Bank Plc and Broad Bank Ltd. and merged its former subsidiary, Union Merchant Bank Ltd.
Under CBN Regulation 3, UBN is divesting all of its non-core banking subsidiaries, which is consistent with our core banking business model. Union Bank, UK (UBUK) will remain the sole subsidiary of the bank.
Following the 2009 banking crisis and CBN’s intervention through the Asset Management Company of Nigeria (AMCON), the bank was recapitalized in 2012 with a $500 million injection by Union Global Partners Limited ( UGPL), a consortium of domestic and international investors. UGPL acquired 65% stake in the bank and in the last quarter of 2014, AMCON’s remaining 20% stake in the bank was acquired by Atlas Mara. UGPL includes:
- Union of African Capitals
- African Development Corporation ADC
- the capital Corsair
- FMO (Dutch Development Finance Corporation)
- Chandler Co
- Standard Chartered Private Equity
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