Union Bank of Nigeria – Reviews and Ratings


Full Review

Union Bank of Nigeria Plc., commonly known as Union Bank of Nigeria, is a commercial bank in Nigeria.

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 Africa. As of June 2012, the bank’s asset base was estimated at US$6.784 billion (NGN 1.049 trillion). The shareholders’ equity at that time was estimated at US$1.22 billion (NGN 188.4 billion). 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 Nigeria, as Barclays Bank of Nigeria Limited, to comply with new banking laws enacted in 1968.

The bank maintains a vast network of interconnected branches in all Nigerian 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.

Currently, the bank is primarily owned by UGPL (65%) and AMCON (20%) and a diverse group of shareholders that account for the balance (15%). UGPL, a consortium of strategically aligned group of investors, is the Bank’s core investor.

Union Bank has the following 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, and Union Registrars Limited

Quick Review

Type:                    Private

Industry:             Financial Services

Founded:            1917

Headquarters:  36 Marina, Lagos, Nigeria

Products:            Loans, Checking, Savings, Investments, Debit Cards

Total assets:      US$6.784 billion (NGN 1.049 trillion) (2012)

Website:              www.unionbankng.com

E-mail:                info@ ubnl.co.uk

Contact line:      Tel: +44(0)20 7920 6100/1/2, +44(0)20 7920 610


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Categories: Bank Reviews