Union Bank UK plc, a UK incorporated bank, is a wholly owned subsidiary of the Union Bank of Nigeria plc, one of the oldest and most respected banks in West Africa.
We have been operating from the heart of the City of London since 1983, firstly as the London branch of our parent bank, and since October 2004 as an independently incorporated UK bank, having received authorisation from the UK Regulator.
We provide a comprehensive range of banking services to customers doing business from and into Nigeria and other West African countries, including trade finance, personal banking, business banking, treasury services, commercial lending and private banking. As well as our Head Office in London, we have a representative office in Lagos and business development staff based in Abuja.
We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and subscribe to the Financial Services Compensation Scheme.
Union Bank of Nigeria plc
The Union Bank of Nigeria has a long and proud history dating back to 1917, when it first opened its doors for business as the Colonial Bank. In 1925 it was bought by Barclays, becoming Barclays Bank Dominion, Colonial and Overseas which it remained until the early 1970s.
In 1971, Barclays incorporated the bank locally in Nigeria as Barclays Bank of Nigeria plc and sold a significant shareholding to the Federal Government and the Nigerian public. In 1979 the banks name was changed to the Union Bank of Nigeria plc, to reflect the change in its ownership structure.
In the early 1990s the Nigerian Government started a policy of privatisation of state owned assets, which resulted in 1993 in both the Government and Barclays selling their remaining stakes in the bank to the public at large, thus creating a truly publically owned bank.
Since the early 1990s the bank has enjoyed a period of unparalleled growth, acquiring Universal Trust Bank plc. Broad Bank Limited and Union Merchant Bank as well as increasing shareholder funds through a rights issue in 2005.
The Union Bank of Nigeria now has a network of over 400 branches across Nigeria, a subsidiary in London and offices in Ghana, Benin and South Africa. In 2009 it posted gross earnings of US$980million and total assets of US$8.8billion.