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
It’s products and services include personal accounts, business accounts, corporate accounts, savings accounts, time deposits, fixed deposits, short term deposits, call deposits, bankers acceptances, treasury bills, and foreign currency domiciliary accounts. The company’s corporate banking group offers services, such as portfolio management, syndication of loans, lending to existing and new projects, contractor financing and invoice discounting, provision of guarantees and indemnities, bankers’ acceptances, commercial paper, equipment leasing, cash and cheque collection, foreign business transactions, funds mobilization, and pension fund management. Its energy unit provides services to operators in oil and gas, independent power plant, and mining industries.
The company’s international banking department offers services, such as confirmation of letters of credit, stocking term finance, international trade finance, unconfirmed letter of credit, export loans, overdraft facilities, and warehousing finance. Union Bank of Nigeria also serves small and medium scale enterprises, and provides agricultural credit. As of March 31, 2007, it operated through a network of 386 branches.
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 Of Nigeria Plc.
Address: Head Office: Stallion Plaza, 36 Marina, Lagos
Phone: +234 1 2668105, 2668043, 2646011, 2667216; Fax: +234 1 2669873, 2644306
Website: http://www.unionbankng.com
Information source: http://www.unionbankng.com
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