Union Bank of Nigeria
Encyclopedia
Union Bank of Nigeria Plc., commonly known as Union Bank of Nigeria, is a commercial bank
in Nigeria
.
, with an asset base estimated at US$826 million. That asset value makes it the 9th largest commercial bank in Nigeria
by asset valuation.
The bank has several subsidiary companies and non-subsidiary affiliates:
Subsidiaries
Affiliated companies:
, 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 then recently 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.
{| style="font-size:100%;"
|-
| width="100%" align="center" | Union Bank of Nigeria Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||African Capital Alliance||60.00
|-
|2||Other Investors||21.00
|-
|3||Asset Management Company of Nigeria||19.00
|-
| ||Total||100.00
|-
|}
n states. It has two wholly owned bank subsidiaries; one in Cotonou
, Benin
and another in London
, in the United Kingdom
. It also maintains a Representative Office in Johannesburg
, South Africa
.
.
of the bank. She has been at the helm of the bank since August 2009.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
.
Overview
Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in AfricaAfrica
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
, with an asset base estimated at US$826 million. That asset value makes it the 9th largest commercial bank in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
by asset valuation.
The bank has several subsidiary companies and non-subsidiary affiliates:
Subsidiaries
- Union Homes Savings and Loans Plc.
- Union Trustees Limited
- Union Assurance Company Limited
- Union Bank United Kingdom Plc.
- Banque Internationale du Benin , Cotonou
- UTL Communications Services Limited
- UBN Property Company Limited
- Union Capital Markets Limited
- Union Registrars Limited
Affiliated companies:
- Consolidated Discounts Limited
- HFC Bank Ghana LimitedHome Finance CompanyHome Finance Company, commonly referred to as HFC Bank, is a major commercial bank in Ghana, West Africa.-Overview:The bank was created in 1990 as a shell company within Merchant Bank . In 1994 HFC Bank became a publicly traded company. In 1995 it became listed on the Ghana Stock Exchange. The...
- Unique Venture Capital Management Company Limited
History
The 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 NigeriaNigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, 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
Politics of Nigeria
Nigeria is a Federal Republic modeled after the United States, with executive power exercised by the president and with influences from the Westminster System model in the composition and management of the upper and lower houses of the bicameral legislature. However, the President of Nigeria is...
acquired 51.67% ownership of the bank, leaving Barclays Bank Plc. of London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
with 40% ownership. In 1979, that 40% was sold to Nigerian individuals and businesses to comply with then recently 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.
Ownership
, the owners of the shares of Union Bank of Nigeria include the following corporate entinties andindiviiduals:{| style="font-size:100%;"
|-
| width="100%" align="center" | Union Bank of Nigeria Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||African Capital Alliance||60.00
|-
|2||Other Investors||21.00
|-
|3||Asset Management Company of Nigeria||19.00
|-
| ||Total||100.00
|-
|}
- African Capital Alliance is a consortiumConsortiumA consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
of financial institutions that include the following: (a) ACA Holdings Limited (b) ACA Managed Fund (c) Netherlands Development Finance Company (d) Standard Chartered Private EquityStandard Chartered BankStandard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
(e) Auctor Capital (f) Carlye Capital of Washington DCCarlyle GroupThe Carlyle Group is an American-based global asset management firm, specializing in private equity, based in Washington, D.C. The Carlyle Group operates in four business areas: corporate private equity, real assets, market strategies and fund-of-funds, through its AlpInvest subsidiary...
(g) High Vistar (h) The Keffi Group VIII LLC ( Keffi Group, JC Flowers, BGI) (i) ABC Holdings Limited of BotswanaBancABCBancABC is a pan-African financial services provider, headquartered in Gaborone, Botswana. BancABC has subsidiaries in the following African Countries: Botswana, Mozambique, Tanzania, Zambia and Zimbabwe. The holding company for the group's operations is called ABC Holdings Limited...
and (j) Discovery Group of ConnecticutConnecticutConnecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
, United States of America. - Asset Management Company of Nigeria is an arm of the Federal Government of Nigera.
Branch Network
The bank maintains a vast network of interconnected branches in all NigeriaNigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
n states. It has two wholly owned bank subsidiaries; one in Cotonou
Cotonou
-Demographics:*1979: 320,348 *1992: 536,827 *2002: 665,100 *2005: 690,584 The main languages spoken in Cotonou include the Fon language, Aja language, Yoruba language and French.-Transport:...
, Benin
Benin
Benin , officially the Republic of Benin, is a country in West Africa. It borders Togo to the west, Nigeria to the east and Burkina Faso and Niger to the north. Its small southern coastline on the Bight of Benin is where a majority of the population is located...
and another in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It also maintains a Representative Office in Johannesburg
Johannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
.
Board of directors
The bank's activities are supervised by a fourteen (14) member Board of Directors, chaired by Professor Musa Gella Yakubu, one of the Non Executive Directors, a former Director of the Central Bank of NigeriaCentral Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
.
Management Board
The Management Board is chaired by Mrs. Olunfunke Iyabo Osibodu, who serves as the Managing Director and Chief Executive OfficerChief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the bank. She has been at the helm of the bank since August 2009.