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
Union bank is a very big bank. It was established in 1917 as a Colonial Bank with its first branch in Lagos. The colonial bank was later acquired by Barclays bank which later indigenized to Barclays Bank of Nigeria Limited in 1969. In 1979, following a new ownership structure, it changed its name to Union Bnak of Nigeria Plc.
Lately, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd and absorbed its subsidiary Union Merchant Bank Ltd. The Bank also increased its shareholders' funds through a Public Offer/Rights Issue in the last quarter of 2005. With these developments, Union Bank remains one of the most capitalised banks in Nigeria. It has a shareholders’ funds of N102.542billion and operates through 386 network of branches that are well spread across the country, all of which are on-line.
Union bank is still growing stronger and as at 29th October 2008, the bank declared a full year gross earning of N112.99 billion for the financial year ending March 31, 2008 and the board of directors are proposing a 1 for 6 bonus share for all shareholders with a N1.00 dividend payout.