It improves people’s lives by providing the most straightforward, most innovative solutions and ensuring the most excellent possible experience every time.
About Union Bank
Nigeria’s most dependable and trusted banking partner is Union Bank. We improve people’s lives by providing simple, innovative solutions and ensuring the greatest possible experience every time.
The Union Bank of Nigeria (UBN) was founded in 1917 and is one of Nigeria’s oldest and most reputable financial organizations, providing a wide range of banking services to individuals, SMEs, commercial and corporate clients.
We have stayed devoted to helping individuals, families, and businesses thrive for more than a century, with a comprehensive geographical network that includes more than 284 service facilities and over 934 ATMs dispersed across Nigeria.
We are dedicated to becoming Nigeria’s most dependable and trusted banking partner. To reach our objectives, the quality of our customer experience, client base, talent, banking platform, professional standards, and earnings must all be satisfied.
Our strategy is being aggressively executed with a rock-solid transformation team concentrating on people, processes, and technology.
Nigeria’s most dependable and trusted banking partner is Union Bank.
Union Bank improves people’s lives by providing the most straightforward, most intelligent solutions and ensuring the most excellent possible experience every time.
Every time, finding more straightforward and more innovative ways to do things better. We are a forward-thinking financial institution.
History of Union Bank
Its illustrious history dates back to 1917 when it was founded as Colonial Bank.
Following its takeover by Barclays Bank in 1925, the bank was renamed Barclays Bank DCO (Dominion, Colonial, and Overseas).
The bank was renamed Barclays Bank of Nigeria Limited after Nigeria’s independence and the passage of the Companies Act of 1968. (BBNL, est. 1969).
The bank underwent a series of changes between 1971 and 1979, including its NSE listing and share acquisitions/transfers prompted by the Nigerian Enterprises Promotion Acts (1972 and 1977), transforming into a new entirely Nigerian-owned business.
To reflect the new ownership structure and conform with the Companies and Allied Matters Act of 1990, it changed its name to Union Bank of Nigeria Plc.
The Federal Government sold its controlling interests (51.67 percent) to private investors in 1993 as part of its privatization/commercialization program.
As a result, Nigerian citizens and organizations in the private sector now hold 100% of Union Bank. Union Bank of Nigeria Plc bought the former Universal Trust Bank Plc and Broad Bank Ltd. and its former subsidiary, Union Merchant Bank Ltd., as part of the Central Bank of Nigeria’s (CBN) banking sector consolidation agenda.
UBN is divesting its non-core banking companies following CBN Regulation 3, which corresponds with our core banking business model.
Union Bank of the United Kingdom (UBUK) will continue to be the company’s sole subsidiary.
Following the banking crisis in 2009, the CBN intervened through Asset Management Company of Nigeria (AMCON), and the bank was recapitalized in 2012 with a $500 million investment from Union Global Partners Limited (UGPL), a partnership of local and foreign investors.
Read more on editorialtimes.com