History &
Core Value
A legacy of trust and innovation
Our History
Our rich history can be traced to 1917, when Union Bank of Nigeria was first established as Colonial Bank.
In 1925, we became known as Barclays Bank DCO (Dominion, Colonial and Overseas), resulting from an acquisition by Barclays Bank. Following Nigeria’s independence and the enactment of the Companies Act of 1968, Union Bank was incorporated as Barclays Bank of Nigeria Limited (BBNL, est. 1969).
Between 1971 and 1979, the bank went through a series of changes, including its listing on the NSE and share acquisitions/transfers driven by the Nigerian Enterprises Promotion Acts (1972 and 1977). This resulted in our evolution into a Nigerian-owned entity. To reflect the new ownership structure and in compliance with the Companies and Allied Matters Act of 1990,the bank assumed the name Union Bank of Nigeria Plc. (UBN “the Bank” or “Union Bank”).
In 1993, in line with its privatization/commercialization drive, the Federal Government divested by selling its controlling shares (51.67%) to private investors. Thus, Union Bank became wholly owned by Nigerian citizens and organizations all within the private sector. During the Central Bank of Nigeria’s (CBN) banking sector consolidation policy, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd and absorbed its one-time subsidiary, Union Merchant Bank Ltd.
In the 2020s, the bank underwent further significant ownership and structural changes. In December 2021, we announced that our majority owners (UGPL, Atlas Mara, and other stakeholders) had reached an agreement to divest a controlling stake to Titan Trust Bank and by June 2022, regulatory approvals were in place and 93.4% of Union Bank’s shares were transferred to Titan Trust Bank, effectively making Titan Trust the new parent company and majority shareholder . (Titan Trust Bank is majority owned by Nigeria’s TGI Group.) This acquisition led to Union Bank’s delisting from the Nigerian Stock Exchange ceasing to be publicly traded as of November 2023.
In compliance with CBN’s Regulation 3, UBN divested all non-core banking subsidiaries in alignment with its core banking business model.
Following the banking crisis in 2009 and the intervention of the CBN via Asset Management Company of Nigeria (AMCON), the bank was recapitalized in 2012 with an injection of $500 million by Union Global Partners Limited (UGPL), a consortium of local and international investors. UGPL acquired 65% of the bank’s shareholding, and in the last quarter of 2014, AMCON’s remaining 20% stake in the bank was acquired by Atlas Mara.
In December 2021, the Bank announced that it had received a notification of an agreement by UGPL, Atlas Mara Limited and other majority shareholders to divest shareholding in Union Bank to Titan Trust Bank. Majority shareholders in Union Bank transferred an aggregate of 93.41% of the issued share capital of Union Bank held to Titan Bank. After receiving all regulatory approval, the transaction was completed in June 2022, and there was a subsequent change of control. Titan Trust Bank became the majority shareholder in Union Bank. (Titan Trust Bank is majority owned by TGI Group, a Nigerian conglomerate).
The acquisition of the Shares triggered the statutory and regulatory requirement for Titan Trust Bank to execute a mandatory take-over offer (MTO) to the other shareholders of Union Bank in November 2022 and, subsequently, a squeeze out of minority shareholders through a scheme of arrangement in May 2023. Consequent to the acquisition of all the shares in Union Bank of Nigeria, an application to delist Union Bank of Nigeria Plc shares from the Nigerian Stock Exchange was filed, and the application was granted in November 2023.
Following a court-ordered meeting of shareholders on the 28th of December 2023 and subsequent sanctioning of the scheme, the official merger process between Union Bank of Nigeria and Titan Trust Bank was concluded, with Union Bank of Nigeria existing as the surviving entity.
Core
Values
We find simpler and smarter ways to do things better every time. We are a forward thinking bank. We encourage and value innovation and creativity that sets us at an advantage as we grow our business and empower our stakeholders.
We put our customers at the centre of our operations. In other words, our customers always come first. We give back to the communities where we operate and we are committed to making an impact in the communities where we live
We are true to our word. We do what we say and follow through every time
We are open, honest and respectful at all times with all our stakeholders – our customers, our partners, our community, our people and our shareholders
We always think of creative ways to become more efficient without sacrificing quality
