Union bank of Nigeria
The Union bank of Nigeria plc also known as Union bank is a commercial bank. The bank has been operating in Nigeria since year 1917.
The bank was Founded In
Their Headquarters is located at;
36 Marina, Lagos island, Nigeria
The bank serves individuals, both small and medium, and also large corporations and companies. In year 2009, it was rated the 14th largest bank in Africa. As of March 31st, 2018, the bank’s asset was estimated at NGN1, 381 billion that is US$4.1billion.
The bank’s history was traced to year 1836 when British merchants and London bankers got a royal charter from William IV to conduct banking business in the Caribbean. This follows an act of parliament empowering the bank to open more branches over the Caribbean, the bank began operations in Nigeria in year 1917.
They started operating with banking centers in Lagos,port harcourt and jos. They further opened in financially important areas from 1918, like ebute metta, Zaria, onitsha, Ibadan and Kano. The Colonial banking activities also covered other cities in British west Africa including Freetown and Accra. In year 1925, Colonial Bank acquired Barclays Bank and they changed the bank’s name to Barclays Bank (Dominion, Colonial and Overseas) and was later changed to Barclays Bank (DCO). Between year 1925 and 1950 the commercial expansion was hampered by the World War II and Great Depression, though the bank continued to operate steadily opening a few branches but also closed some branches.
In 1950, the bank increased operations in Nigeria and by 1960 it had a total of 41 branches in Nigeria.
In 1969, Barclays Bank DCO was incorporated in Nigeria as Barclays Bank of Nigeria Limited, to comply with new banking laws enacted in year 1968.
The bank finally changed its name to Union Bank of Nigeria Plc, to reflect its new ownership.
In year 1993, the Federal Government of Nigeria completely owned the Union Bank of Nigeria Plc.