These are the common acronyms of Union bank of Nigeria plc. Union Bank of Nigeria Plc is one of the oldest and most respected banks in West Africa.
The bank’s impressive track record over the years has secured its position as one of Nigeria’s most dependable bank. Union Bank is primarily focused on commercial and retail banking in the Real, Agriculture and Public Financing sectors.
Among the bank’s markets are retail, small and medium sized enterprises, real estate, corporate/commercial, correspondent, and trade finance. The bank also offers investment and financial management, trust services, private banking, insurance services, and pension services. The bank’s commercial clients include communications, agriculture, energy, public utilities, retailing, and other specialty industries
The Union Bank Group
Union Bank has subsidiaries and affiliate companies in Nigeria and across West Africa, providing a range of financial services and products through the following major business segments: Retail & Corporate Banking, Mortgage and Real Estate Services, Insurance, Pension, Stock Brokerage and Asset Management Services.
The Group operates an interlocking organizational structure- one that ensures effective oversight and participation in the decision-making process of subsidiaries or associated companies, thereby helping to safe guard the Bank’s investment.
Subsidiaries of union bank are:
Union Homes Savings and Loans Plc
Union Trustees Limited
Union Assurance Company Limited
Union Bank UK Plc.
Banque Internationale du Benin , Cotonou
UBN Property Company Limited
Union Capital Markets Limited
Union Registrars Limited
Union Pensions
Union 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 the then 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.
The Union Bank of Nigeria now has a network of over 400 branches across Nigeria, a subsidiary in London and offices in Ghana, Benin and South Africa.
