Union Bank of Nigeria Plc was established in 1917 as a Colonial Bank with its first branch in Lagos. In 1925, Barclays Bank acquired the Colonial Bank, which resulted in the change of the Bank's name to Barclays Bank (Dominion, Colonial and Overseas). Following the enactment of the Companies Act 1968 and the legal requirement for all foreign subsidiaries to be incorporated locally, Barclays Bank (D C O) in 1969 was incorporated as Barclays Bank of Nigeria Limited. The ownership structure of Barclays Bank remained un-changed until 1971 when 8.33% of the Bank’s shares were offered to Nigerians. In the same year, the Bank was listed on the Nigerian Stock Exchange. As a result of the Nigeria Enterprises Promotion Act of 1972, the Federal Government of Nigeria acquired 51.67% of the Bank’s shares, which left Barclays Bank Plc, London with only 40%. By the enactment of the 1972 and 1977 Nigeria Enterprises Promotion Acts, Barclays Bank International disposed its shareholding to Nigerians in 1979. 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 line with the Central Bank of Nigeria's banking sector consolidation policy, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd and absorbed its erstwhile subsidiary Union Merchant Bank Ltd. The Bank also increased its shareholders' funds through a Public Offer/Rights Issue in the last quarter of 2005. With these developments, Union Bank remains one of the most capitalised banks in Nigeria. It has a shareholders’ funds of N102.542billion and operates through 386 network of branches that are well spread across the country, all of which are on-line, real time.

Subsidiaries:

(a) Union Homes Savings and Loans Plc
(b) Union Trustees Limited
(c) Union Assurance Company Limited
(d) Union Bank UK Plc.
(e) Banque Internationale du Benin , Cotonou
(f) UTL Communications Services Limited
(g) UBN Property Company Limited
(h) Union Capital Markets Limited
(i) Union Registrars Limited

Associated Companies:

(a) Consolidated Discounts Ltd.
(b) HFC Bank Ghana Limited.
(c) Unique Venture Capital Management Co. Ltd.

Union Bank Group operates an interlocking organisational structure whereby some board members of Union Bank of Nigeria Plc act as external directors in the subsidiaries and associated companies. This arrangement ensures effective oversight and participation in the decision-making process of these companies, thereby safeguarding the Bank’s investments.

Today, the Bank is a leading regional bank in sub-Sahara Africa in terms of its diverse investments across the globe. A glance at the Bank's financial summary reveals its solidity. As at 31st March, 2007, the Bank's gross earnings was N88.095billion; profit before tax was N17.393billion; total assets was N 699.247billion; and shareholders' fund was N102.542billion.

The Bank’s management is headed by Dr. Barth B. Ebong, OON as the Group Managing Director/Chief Executive. Others are:

Ado Abdullahi	Executive Director (Operations, Up Country-South)
Dr K.S. Adeyemi	Executive Director (Information Technology/Services)
S.I. Ayininuola	Executive Director (Risk Management & Control)
E.U. Emeruem	Executive Director (Lagos Operations)
A.E. Esangbedo	Executive Director (Operations, Up Country-North)
W.C.O. Mbah	Executive Director (Corporate Resources)
A.I.N. Obigwe	Executive Director (Corporate & International Banking)