Union Bank of Nigeria Plc was established in 1917 as
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 consonance with the government's programme of privatisation
and commercialisation of public enterprises, the Federal Government in 1993 sold its shares in Union Bank
to private individuals. Thus,Union Bank became fully owned by Nigerian citizens and organisations.
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.
The Bank has 379 branches across the country, all of which are on-line real time.
As at December 31, 2010 the bank's gross earnings was N113.961 billion; profit after tax was N118.016 billion
and total assets was N845.231 billion.The Bank's management team is headed by Mrs Funke Osibodu as
the Group Managing Director/Chief Executive.
Other Executive Management team members are :
Adekunle M. Adeosun - Commercial/Retail Banking (south) & Consumer Banking
Philip Ikeazor - Corporate, International/Investment banking & Treasury
Ibrahim A. Kwargana - Commercial/Retail banking (North) & Public Sector
Folashodun A. Shonubi - Operations, Technology & Services
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. The Bank's subsidiaries and
associated companies are listed below.
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.
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