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Union Bank of Nigeria

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Union Bank (Nigeria)Type Private

Industry Financial Services

Founded 1917

Headquarters 36 MarinaLagos, Nigeria

Key people

Prof. Musa Gella YakubuChairman Emeka EmuwaGroup Managing Director

ProductsLoans, Checking, Savings, Investments, Debit Cards

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

Website http://www.unionbankng.com

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

Contents 1 Overview 2 History 3 Ownership 4 Branch Network 5 Board of directors 6 Management Board 7 See also 8 References 9 External links

Overview

Union Bank is a large commercial bank, serving individuals, small and medium-sizedcompanies, as well as large corporations and organizations. In July 2009, it was rated the 556thlargest bank in the world and the 14th largest bank in Africa. As of June 2012, the bank's asset

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base was estimated at US$6.784 billion (NGN:1.049 trillion). The shareholders' equity at thattime was estimated at US$1.22 billlion (NGN:188.4 billion).[1] The bank has several subsidiarycompanies and non-subsidiary affiliates: [2]

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 Union Registrars Limited

Affiliated companies

Consolidated Discounts Limited HFC Bank Ghana Limited Unique Venture Capital Management Company Limited

History

The bank was founded in 1917 as Colonial Bank . In 1925, Barclays Bank acquired ColonialBank, 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.

In 1971, the shares of the bank stock were listed on the Nigerian Stock Exchange. In the sameyear, 8.33% of the bank’s shares were offered to Nigerians. The following year, the FederalGovernment of Nigeria acquired 51.67% ownership of the bank, leaving Barclays Bank Plc. of London with 40% ownership. In 1979, that 40% was sold to Nigerian individuals and businessesto comply with then recently enacted banking and investment laws. The bank changed its nameto Union Bank of Nigeria Plc., to reflect its new ownership structure. In 1993, the FederalGovernment of Nigeria completely divested its ownership in the bank. Subsequently, UnionBank of Nigeria Plc. acquired the former Universal Trust Bank Plc. and Broad Bank Limited.It also absorbed its former subsidiary Union Merchant Bank Limited.[3]

Ownership

As of October 2012, the owners of the shares of Union Bank of Nigeria include the followingcorporate entinties andindiviiduals:[4]

Union Bank of Nigeria Stock Ownership

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Rank Name of Owner Percentage Ownership

1 Union Global Partners Limited 65.00

2 Other Investors 15.00

3 Asset Management Company of Nigeria 20.00

Total 100.00

Union Global Partners Limited is a consortium of financial institutions that include thefollowing: (a) ACA Holdings Limited (b) ACA Managed Fund (c) NetherlandsDevelopment Finance Company (d) Standard Chartered Private Equity (e) Auctor Capital(f) Carlye Capital of Washington DC (g) High Vistar (h) The Keffi Group VIII LLC (Keffi Group, JC Flowers, BGI) (i) ABC Holdings Limited of Botswana and (j) DiscoveryGroup of Connecticut, United States of America.

Asset Management Company of Nigeria is an arm of the Federal Government of Nigeria.

Branch Network

The bank maintains a vast network of interconnected branches in all Nigerian states. It has twowholly owned bank subsidiaries; one in Cotonou, Benin and another in London, in the UnitedKingdom. It also maintains a Representative Office in Johannesburg, South Africa.[5]

Board of directors

The bank's activities are supervised by a thirteen (13) member Board of Directors, chaired bySenator Udoma Udo Udoma, one of the Non Executive Directors, a former Senator of the

Federal Republic of Nigeria.[6]

Management Board

The Management Board is chaired by Mr Emeka Emuwa, who serves as the General ManagingDirector and Chief Executive Officer of the bank. He has been at the helm of the bank sincenovember 2012.[7]

Company Information

Full name

UNION BANK NIGERIA

Headquarters

36, Marina P.M.B 2027 Lagos, Nigeria; Lagos;

Lagos

Status: Listed

Legal Form: Other non-liability limited

Operational Status: Under Legal Investigation

ISIN CODE : NGUBN0000004

Financial Auditors: Akintola Williams Deloitte (2009)

Incorporation Date: January 1, 1969

Total Employees: 7,078

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Tel: 234-1-2630361

Company Description

Union Bank of Nigeria Plc was established in 1917 as a Colonial Bank with its first branch in Lagos. In

1925, Barclays Bank acquired the Colonial Bank, which resulted in the change of the Bank's name to

Barclays Bank ( Dominion, Colonial and Overseas). Following the enactment of the Companies Act 1968

and the legal requirement for all foreign subsidiaries to be incorporated locally, Barclays Bank (D C O) in

1969 was incorporated as Barclays Bank of Nigeria Limited. The ownership structure of Barclays

More

Company Analysis

According to the Consolidated - Audited financial statement for the Year of 2011, total net operating

revenues decreased with -46.43%, from NGN 53,866,000 thousands to NGN 28,854,000 thousands.

Operating Results decreased from NGN 35,467,000 thousands to NGN -123,832,000 thousands. The

results of the period reached NGN -92,873,000 thousands at the end of the period against NGN

105,485,000 thousands last year. Return on equity (Net income/Total equity) went from 1727.28% to -

1309.18%, the Return On Asset (Net income / Total Asset) went from 10.54% to -8.70% and the Net

Profit Margin (Net Income/Net Sales) went from 195.83% to -321.87% when compared to the same

period of last year.

Key Executives

Richard Kramer

Chairman

Olunfunke Iyabo Osibodu Group Managing Director

Olunfunke Iyabo Osibodu Chief Executive Officer

Dickie Agumba Ulu

Director

Mansour Ahmed

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ABOUT US

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Union Bank of Nigeria Plc was established in 1917 as Colonial Bank with its first branch inLagos. In 1925, Barclays Bank acquired the Colonial Bank, which resulted in the change of

the Bank's name to Barclays Bank (Dominion, Colonial and Overseas) or Barclays Bank (D CO). Following the enactment of the Companies Act 1968 and the legal requirement for allforeign subsidiaries to be incorporated locally, Barclays Bank (D C O) in 1969 wasincorporated as Barclays Bank of Nigeria Limited (BBNL). The ownership structure of BBNL

remained unchanged until 1971 when 8.33% of BBNL‟s shares were offered to Nigerians. Inthe same year, BBNL was listed on the Nigerian Stock Exchange. As a result of the NigeriaEnterprises Promotion Act of 1972, the Federal Government of Nigeria acquired 51.67% of

the BBNL‟s shares, which left Barclays Bank Plc, London with only 40%. By the enactment

of the 1972 and 1977 Nigeria Enterprises Promotion Acts, Barclays Bank Internationaldisposed its shareholding in BBNL to Nigerians in 1979. To reflect the new ownershipstructure and in compliance with the Companies and Allied Matters Act of 1990, it assumed

the name Union Bank of Nigeria Plc (UBN “the Bank” or “Union Bank”).

In consonance with the government's programme of privatization and commercialization of public enterprises, the Federal Government in 1993 sold its shares in Union Bank to privateindividuals. Thus, Union Bank became fully owned by Nigerian citizens and organizations.

During the Central Bank of Nigeria's banking sector consolidation policy, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd and absorbedits erstwhile subsidiary Union Merchant Bank Ltd.

Central Bank of Nigeria (CBN) intervened in the management of the Bank on August 14

2009, replaced the Executive Management Team, and appointed a five-man interimmanagement team to stabilise and recapitalise the Bank.

Full recapitalization of the Bank was achieved in December 2011 with the injection of $500million into Union Bank by Union Global Partners Limited (UGPL) after the Asset

Management Company of Nigeria (AMCON) had provided capital in the sum of N46.93BN tobring the Bank‟s Net Assets Value to zero.The Bank is now owned 65% by UGPL; 20% by AMCON; and 15% by a diverse group of

shareholders. UGPL, a consortium of strategically aligned group of investors, is the Bank‟score investor group and consists of:

African Capital Alliance ADC African Development Corporation Corsair Capital FMO (the Netherlands Development Finance Company) Richard Chandler Corporation Standard Chartered Private Equity

Following recapitalization, Fitch, the London based global rating agency in 2012 has

upgraded Union Bank‟s Viability Ratio (VR) from “C” to “CCC” which acknowledges the

restoration of the Bank to solvency through the injection of capital from AMCON and thecore investor. Fitch‟s rating action was as follows:

Long-term foreign currency IDR: affirmed at „B+‟. Stable Outlook



Short-term foreign currency IDR: affirmed at „B‟ National Long-term rating: affirmed at „A+(nga)‟ National Short-term rating: affirmed at „F1(nga)‟ Viability Rating: upgraded to „ccc‟, from „c‟ Support Rating: affirmed at ‟4′ Support Rating Floor: affirmed at „B+‟

The Bank has 339 branches across the country, all of which are on-line real time. As at

December 31, 2011 the Bank's gross earnings was N66,492billion; profit after tax wasN82,239billion and total assets was N846.763 billion.

The Bank's management team is headed by Emeka Emuwa as the Group ManagingDirector/Chief Executive. Other executive management team members are:

Adekunle M. Adeosun - Commercial/Retail Banking (south) & Consumer Banking

Ibrahim A. Kwargana - Commercial/Retail banking (North) & Public Sector

Oyinkan Adewale - Chief Financial Official

Union Bank Group operates an interlocking organizational structure whereby some boardmembers of Union Bank of Nigeria Plc act as external directors on the boards of subsidiaries

and some of the associated companies. This arrangement ensures effective oversight and

participation in the decision-making process of these companies, thereby helping tosafeguard the Bank‟s investments. The Bank's subsidiaries and associated companies are:Subsidiaries:

Union Homes Savings and Loans Plc Union Trustees Limited Union Assurance Company Limited Union Bank UK Plc. Banque Internationale du Benin , Cotonou UBN Property Company Limited Union Capital Markets Limited Union Registrars Limited Union Pension

Associated Companies:

(a) Consolidated Discounts Ltd.(b) HFC Bank Ghana Limited.(c) Unique Venture Capital Management Co.



STRATEGIC BUSINESS UNITS (SBUs)

CORPORATE BANKING GROUP (CBG):

This SBU is segmented into three, namely;

Corporate Banking Group (CBG General)

Corporate Banking Group (CBG Energy)

Specialised Markets

The departments provide finance for corporate customers in all sectors of the economy.Services provided under this SBU cover all areas of finance endeavours such as:

Portfolio Management

Syndication of Loans

Lending to Existing and New Projects Contractor Financing and Invoice Discounting

Provision of Guarantees and Indemnities

Bankers' Acceptances/Commercial Paper

Equipment Leasing

Cash and Cheque Collection

Foreign Business transactions

Funds Mobilisation

Pension Fund Management

The Energy Unit is equipped to provide services to operators in the following areas:

o The upstream arm of the Oil and Gas Industryo The downstream activities of the Industryo The Prospecting, mining and utilization of Solid Mineralso The providers of services and the marketers of the product of all the aboveo The Import and export business at all levelso The Independent Power Plant

While the Specialised Markets provides financial services in the followingareas:

Infrastucture & Utilities

Telecoms Sector Aviation Financial & Non-Financial Institutions

For more information, please contact:Deputy General Manager (CBG General)21st Floor Stallion Plaza

36 Marina, LagosTel: 2661519, 2644266,



Deputy General Manager (CBG Energy)14th Floor Stallion Plaza

36 Marina, LagosTel:2644142, 2644233, 2644311,


FOREIGN OPERATIONS DEPARTMENT :

The Foreign Operations department is composed of the following Units:

Trade Finance Remittance Correspondent Relations

The Department provides international banking services embracing both import and exportsegments of international trade. Services such as:

o Confirmation of Letters of Credito Stocking Term Financeo International Trade Financeo Unconfirmed Letter of Credito Export Loans/Overdraft facilitieso Warehousing Finance, etc. are rendered to the Banks' numerous customers.


COMMERCIAL BANKING - LAGOS

Lagos Operations - Operational services rendered cover retail/consumer , corporate and public sector services. The Lagos Operations are zoned into four zones with seven businessdevelopment centres (BDCs) and two independent branches.The BDCs and branches are listed below:

S/N ZONES BDCS BRANCHES

1. APAPA ZONE APAPA I Yinka Folawiyo, Apapa

2. Ijora

3. Wharf Road, Apapa

4. Iganmu

5. Tin - can Island

6. Amuwo - Odofin

7. Apapa - Wharf Road

8. Creek Apapa



9. Burma Apapa

10. Orile Coker

11. APAPA II Agbara

12. Badagry

13. Okokomaiko

14. Seme Border

15. Trade fair Complex

16. Aspamda Main Gate

17. 3rd Avenue Festac

18. J. Anyi Plaza (BBA)

19. Alaba International Market

20. New Alaba International Market 21. Atiku Abubakar Hall (BBA)

22. Hall II Aspamda

23 LAGOS ISLAND ZONE LAGOS ISLAND I Awolowo Road

24. Falomo

25. Lewis Street

26. Adeola - Odeku

27. Victoria Island

28. Federal Secretariat

29. Oyin Jolayemi, Victoria Island

30. Foreshore Towers

31. Obalende

32. Ajose Adeogun

33. Adeyemo Alakija

34. Falomo Roundabout

35. LAGOS ISLAND II Tinubu

36. Adeniji Adele

37. Kakawa

38. 131, Broad Street , Lagos

39. Balogun

40. Obun Eko



41. Moloney

42. Alagbon House, Broad Street

43. Alakoro Oke - Arin

44. Idumota

45. Davies Street

46. Oke - Arin

47. 152, Broad Street

48. Docemo Idumota

49. Sanusi Olusi (Oke Arin 2)

50. Stallion Plaza, 36, Marina

51. Broad Street, Lagos.

52. IKEJA ZONE IKEJA I Agege 53. Mushin

54. Idi Araba

55. Dopemu

56. Ijeshatedo

57. Iju

58. Otta

59. Ladipo

60. Idimu Axis

61. Ketu

62. Pen Cinema, Agege

63. Egbe, Ikotun

64. 1223A Agege

65. Oshodi Apapa

66. IKEJA II Ebute Metta

67. Surulere

68. Yaba

69. Shomolu

70. Ilupeju

71. Ikorodu

72. Lawanson

73. Isolo



74. Ogba

75. Oregun

76. Allen

77 Obafemi Awolowo

78. Herbert Macaulay

79. Lateef Jakande Agidingbi

80. OBA AKRAN Oba Akran

81. 40, MARINA 40 , Marina

82. LEKKI ZONE OIL ESTATE LEKKI Oil Estate Lekki

83. Ajah


COMMERCIAL BANKING - NORTH

The Commercial Banking - North Operational services rendered cover retail/consumer ,corporate and public sector services. The Up Country North Operations are zoned into five zoneswith fifteen business development centres (BDCs).The BDCs and branches are listed below:


1. ABUJA ABUJA I Maitama

2. Area 8 Garki

3. National Assembly AB

4. Head Office Annex

5. Cadstral Zone, Central Area

6. Federal Secretariat

7. ABUJA II Abuja Main

8. UAC Branch, Abuja

9. Area 10 Garki, Abuja

10. Wuse 11 Branch

11. Dei Dei

12. Karu

13. Lafia Branch

14. Awe

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15. MINNA Minna

16. Suleja

17. Bida

18. Agaie

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20. ILORIN ILORIN Murtala Muhammed Way Ilorin

21. Ilorin Market

22 Ilorin University

23 Offa

24. Omu Aran

25 Oro26. Lafiaji

27. Pategi

28. Bode Saadu

29. Bacita

30. Lokoja

31. Idah

32. Lokoja

33. Ajaokuta

34. Egume

35. Lokoja Low Density

36 JOS ZONE BAUCHI Bauchi Commercial Avenue

37. Gombe

38. Bajoga

39. Yandoka

40. Misau

41. Talasse

42. JOS Bank Street, Jos

43. Jos Main Market

44. Langtang

45. Panyam



46. Murtala Muhammed Way, Jos

47. Gidiri

48. Doemak

49. Jengre

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50. MAKURDI Makurdi Main, Otukpo

51 Gboko Market Road

52 Bank Road, Makurdi

53 Oju

54 Aliade

55 Ogiri-Oko

56. YOLA Yola Main57. Mubi

58. Demsa

59. Michika

60. Mayo Belwa

61. Guyuk

62. Gyawana

63. Jada

64. Jalingo

65. Donga

66. Ibi

67. Bali

68. MAIDUGURI Maiduguri

69. Gashua

70 Damaturu

71. Gamboru Ngala

72. Baga

73. Kwaya Kusar

74. Kirikasama, Maiduguri.

75. KATSINA Funtua

76. Jibia



77. Katsina Yahaya Madaki

78 Katsina Main

79. KADUNA Kaduna South

80. Yakubu Gowon Way

81. Zaria

82. Samaru

83. Mohammed Buhari Way

84. Ahmadu Bello Way, Kaduna

85. Ahmadu Bello Way, Kaduna UJ7

86. Mogadishu Layout, Kaduna

87. Jaji

88. SOKOTO Sokoto Main89. Gusau

90. Birnin Kebbi

91 Yelwa

92. Jega

93. Sokoto Market

94. Isa

95. Bagudo

96. KANO ZONE IKANO I Bank Road, Kano

97 Ado Bayero, Kano

98. Zoo Road, Kano

99 Murtala Muhammed Way, kano

100. Doguwar Giginya

101. Kwarri Market Kano

102. Hotoro Kano

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103. KANO II Sharada

104. Post Office Road

105. Chalwa Industrial Layout

106. Bompai Kano

107 Dutse

108. Hadejia



109. Kano Main, Bello Road


COMMERCIAL BANKING - SOUTH

South Operations - The Up - Country South Operational services rendered cover retail/consumer , corporate and public sector services. The South Operations are zoned into sixzones with seventeen business development centres (BDCs). The BDCs and branches are listed below:

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1. BENIN ZONE WARRI Warri Sapele Road

2. Effurun 3. Ughelli

4. Sapele

5. Airport Road Warri

6. Oghara

7. Effurun Sapele

8. Aladja, Warri

9. ASABA Asaba, Nnebisi Road

10. Nnebisi Asaba

11. Oleh

12. Agbor

13. Ibusa

14. Ogwashi-Uku

15. BENIN I Mission Road, Benin

16. Akpakpava Benin

17. Dawson Road

18. New Benin, Lagos Road

19. Benin - Airport Road

20. Agbor Road, Benin

21. Benin Akpakpava 2

22. Benin Ugbowo



23. BENIN II Auchi, Igara Road

24. Uromi

25. Iruekpen

26. Igueben

27. Ekpoma

28. Iguobazuwa

29 UYO ZONE CALABAR Calabar

30. Ogoja

31. Akamkpa

32. Calabar Free trade Zone

33. UYO Uyo Main Branch

34. Eket

35 Ikot Ekpene

36. Abak

37 Qua Iboe Terminal

38. Ikot Abasi

39. Ete

40. Ikot Edibon

41 ENUGU ZONE ENUGU Garden Avenue, Enugu

42. Abakaliki

43. Ogui Road

44. Okpara Avenue, Enugu

45. 9th Mile, Enugu

46. Ogbete Market

47. Agbani

48. 2nd Okpara Avenue

49. Uburu Ohaozara

50. Emene

51. Ogbede

52. Kenyatta Market

53. Enugu-Zik's Avenue



54 ONITSHA Bright Street, Onitsha

55 New Market Road, Onitsha

56 Niger Bridge HD, Onitsha

57 Nkpor Junction

58 New market//Venn Road North

59 Market Nkpor

60. Onitsha - Atani Road

61 Ajaegbu Eze/Ozomagala

62 Park Lane

63 Ogidi

64 Onitsha - Upper Iweka

65. AWKA Awka

66. Nnewi Main

67. Oko

68. Enugu Ukwu

69. Abagana

70 Ajalli

71 Igbo Ukwu

72. Nnewi-Edo Ezemewi

73. Oraifite Nnewi

74. OWERRI ZONE; OWERRI Douglas Road, Owerri

75. Okigwe Road, Owerri

76 Orlu

77. Okigwe

78. Aboh Mbaise

79. 2nd Owerri

80. Abba

81. Concorde Owerri

82 Anara

83. ABA Factory Road, Aba

84. Umuahia



85. Aba - Market

86. Aba - Ariaria

87. Aba - Umuocham

88. Ngwa Road Aba

89. Ohafia

90. Arochukwu

91. Port Harcourt Road Aba

92. Umudike

93. Abayi

94. 2nd Factory Road Aba

95. Faulks Road

96. PORT HARCOURT ZONE PORT HARCOURT Kingsway Port Harcourt97. Trans Amadi Port Harcourt

98. Orije Port Harcourt

99. Station Road Port Harcourt

100 Eleme Petro Chemical

101 Bonny

102 PPMC Eleme

103. Onne Nafcon

104. Bori

105 YENAGOA 180 Aba Road Port Harcourt

106 101 Ikwerre Port harcourt

107 Yenagoa

108 Mbiama Yenagoa

109 Oyigbo

110 171D Aba Road

111 45 Ikwerre

112 CTL Emporium P/Harcourt GRA

113. IBADAN ZONE AKURE Akure Main

114. Ado Ekiti

115. Ondo

116. Akure Market



117. Ilutitun

118. Oba Adesida, Akure

119. Ode Irele

120. Igede Ekiti

121. Ilawe Ekiti

122. Idanre

123.

PRODUCTS AND SERVICES

TRADITIONAL PRODUCTS

Savings and Current Accounts Personal AccountBusiness Accounts

Corporate Accounts

Time Deposits

Corporate Banking Products

Loans and Overdrafts/Guaranteed Bonds

Bankers AcceptancesCommercial Papers

Project Finance SyndicationEquipment Leasing

Stallion Tenor Bills

International Banking Products

Sales & Exchange of Traveller's Cheque & Foreign MoneyLetters of CreditsForeign Domicilliary Accounts

Bills Discounting

Opening of Off-Shore Accounts International Money Transfer Bureau De Change (BDC) Services

e-Banking Products

CUSTOMIZED PRODUCTS

Union Galaxy AccountsAuto Paymaster

Stallion Money Transfer

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Telephone Banking

Corporate Treasurer's WindowMobile BankingAutomated Teller Machines (ATM)

ValuCardStaff Salary/Contractor PaymentsRevenue Collection Systems

Union Elite Standard

Union Elite Premium Account

Union Equity Securities Trust AccountUnion Pension Life Account


SMALL AND MEDIUM SCALE ENTERPRISES (SMEs)

In line with the renewed emphasis on domestic production, the Bankers' Committee had come up with an initiative known as the Small and Medium Industries Equity Investment Scheme(SMIEIS). The Scheme required banks to set aside 10% of their annual profit before tax forinvestment in the real sector of the economy. Real sector financing under this initiative covers thefollowing activities:

Agro Allied Industries Information Technology and Telecommunication Manufacturing Educational Establishments Services Tourism Solid Minerals Construction and any other activity as may be determined from time to time by the Bankers'

Committee.

This SBU has responsibility for managing the Bank's investment under the scheme.

In addition, Union Bank is at the forefront of a consortium of three banks that establishedan affiliate company, Unique Venture Capital Management Company Limited, for thepurpose of managing and investing part of the 10% PBT of the banks concerned.

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AGRICULTURAL CREDIT DEPARTMENT

The Bank has consistently supported Government's agricultural programmes by providing credit

to farmers and agro-allied industries. In promoting agricultural development, the Bank hasdesigned a special product named “ Global Limit for Micro Credit Farmers” which allows

individual farmers and institutions to have access to agricultural facility for any farming projectof their choice. The Bank had disbursed N9.814billion from 1988 to 2005 while N4.04billionhad been set aside for the 2006/2007 financial year for lending to farmers under the Global Limitscheme.

Furthermore, Union Bank's active participation in the Agricultural Credit Guarantee FundScheme (ACGF) since its inception in 1977 is attested to by the numerous awards won in federaland state competitions by our clients and those won by the Bank itself. Union Bank won the BestPerforming Bank Award under ACGF from 1993 - 2004. In 2004, the State Farmer of the year

Award for 28 states went to farmers borrowing from Union Bank. Also, the National Farmer of the year award for 2004 was won by one of our customers.

Farmers also have access to the funds set aside under the Small and Medium Industries EquityInvestment Scheme. Moreover, the Bank provides technical and financial assistance to farmersrelating to agricultural production such as crops, livestock production, fishery, etc.

TREASURY DEPARTMENT

The Bank provides the following services:

Cash Management

Funds Mobilisation

Portfolio Management

Interbank Dealings Pricing/Rate Management

Products and services offered by the bank include:

Call Deposit

This instrument allows the customer to save and earn interest. Funds can be placed on overnight, 7-day or 14-day call. It is easily accessible.

Fixed Deposit

Minimum deposit is N50,000.00

Tenor ranges from one month to one year.

Interest paid at every maturity



At maturity, the deposit could be rolled over. The product is subject to 10% withholding tax

Treasury Bills

Treasury bills are government guaranteed debt instruments issued by the Central

Bank of Nigeria (CBN) The Bank, on behalf of customers, purchases / sells Treasury Bills Interest is payable upfront

Repayment is guaranteed at maturity It can be used as collateral for loans and other credit facilities

Tenor ranges from 91 days, 182 days, and 364days Interest received is not subject to withholding tax .

Bankers Acceptances (BAs)

It is a short-term investment instrument

Provides an avenue for corporate & other customers to invest surplus funds

The rates are more attractive Interest is payable upfront

At maturity, the investment could be rolled over

Tenor ranges from 31 days ,91 days, 182days and 364 days

Investment is secured in the event of borrower's failure Backed by the bank's guarantee

Commercial Paper

It is a negotiable instrument

An unsecured promissory note

Issued by companies, pension funds, government agencies, individuals, etc.

The note offered depends on how much the issuer wants to borrow, money marketrates & credit rating of the issuer

Cheaper than other sources of funds

Most firms use the funds to finance short-term working capital

Tenor ranges from 31 days, 91 days and 364 days.

Both BAs and CPs are arranged by the Bank to provide facilities to customers, inaddition to the more familiar bank overdrafts.

Nigerian Inter-bank Settlement System (NIBSS)

This enables customers to transfer funds between banks/discount houses Secure and convenient means of payment Charges 0.01% of amount transferred by NIBSS

CBN Interbank Transfer Settlement

This also enables customers to transfer funds between banks and other financialservice institutions

Through the Real-Time Gross Settlement System (RTGS) third party and interbanktransfer are easily achieved.



Federal Government Bonds (FGN Bonds)

Bonds are long-term financial obligations (debt) of any entity that promise to pay aspecified sum of money at specified dates.

Bonds could be classified as follows: Short-term, which have maturities of 1 - 5 years Medium-term, having maturities of 5 - 12 years Long-term, with maturities above 12 years The bond attracts interest at the rate that the issuer (FGN) agrees to pay the bond

holders during the term of the bond, called Coupon. This is paid twice every year (semi-annually) within the life of the bond. Instruments issued by the CBN on behalf of the FGN An investor is only allowed a minimum subscription of N10,000.00 and N1,000.00 in

multiples thereafter The Bank, on behalf of customers, purchases and sells FGN Bonds

Benefits To The Investors

They can be used as collateral for loans and other credit facilities Zero weighting for capital adequacy purpose for banks Qualifies as liquid asset for liquidity ratio calculation for banks Not subject to single obligor limits for banks Quoted on the Nigerian Stock Exchange Interest received is not subject to any form of taxation unlike other investments No limit to investible amount including the pension fund administrators (PFA) Being government instruments, they are considered risk free Bond provides regular source of income to investors as coupon are paid semi-

annually They often have less volatility (price fluctuation) than stocks Easily tradable on the Nigerian Stock Exchange as well as over the counter.

CONSUMER BANKING PRODUCTS

CONSUMER PRODUCTS CREDIT FINANCE

UNION PLUS HOUSEHOLD

Personal loans for the acquisition of household items such as:

Furniture

Electronics equipment (TV, DVD, Cable)

Electricity generating setComputers

Deep freezersMicrowave ovens

Laundry machineKitchen equipments



CRITERIA AND CONDITIONS FOR UNION PLUS HOUSEHOLD

The customers must have a steady income stream.

Work in reputable and reliable company with good

track record of salary payment and low staff

turnover.Equity contribution of 10-30% towards the cost of

the item.Loan tenor must not exceed 2 years.Asset must be for personal use only.

Purchases are restricted to Union Bank approvedvendors and payments made directly to such vendors.

For further information, please contact the nearest branch.



UNION PLUS AUTO LOAN

Personal loan for the acquisition of car. The

facility offers part – financing for theacquisition of personal vehicle.

CRITERIA AND CONDITIONS FOR UNION

PLUS AUTO LOAN

The car may be brand new or used.Terms vary with type and age of vehicle with

amaximum tenor of 4 years.

The vehicle financed shall only be purchased

from Union Bank accredited dealers.Employees of Public and Private sectors (but

must be

reputable and reliable).All other normal credit criteria apply.

For further information, please contact the

nearest branch.





UNION PLUS SALARY ADVANCE

This provides easy access to fund at any given time to salary account customers

without stress.

CRITERIA AND CONDITIONS FOR UNION PLUS SALAD

The facility allows customers to draw cheques upto maximum of 50% of monthly salary in advance not

as other liabilities of the customer.Facility is available to both savings and current

account customers.

No other formal application/discussion with branchmanagement is required after the approval/debit of the customers account with annual subscription fee

of N2500It is available to only staffers of reputableinstitutions/companies with good track record for

regular

salary payments and low staff turnover/resignation.Drawing could be from any branch,payment by third party cheques will be exceptionally

approved.




UNION PLUS SHARE PURCHASE LOAN

This enables the customer to buy shares/stocks of blue chip companies.

CRITERIA AND CONDITIONS FOR UNION PLUS SHARE PURCHASE LOAN

Must be acceptable blue chip companies listed on the Nigeria Stock Exchange.Repayment from customer‟s cash flow e.g. salary,allowances etc.

Secondary source of repayment through the sale of shares for which the facility is granted


REQUIREMENTS FOR OPENING AN ACCOUNT

PERSONAL CURRENT ACCOUNT



Documentation Required For Opening Personal Current Account

1. Account opening forms duly completed.

2. Two (2) recent passport-size photographs of the applicant.

3. Two (2) satisfactory references on the applicant. The referees must be Current Account

holders either in Union Bank or any other Bank and must not be spouse or relation orapplicant of staff of Union Bank. (Detachable referees forms are included in this package).

4. Copy of resident permit, (for foreign nationals) (original to be sighted by the Bank).

5. Means of identification of the applicant (i.e. any of the following: International Passport

issue date and expiry date or Employer‟s identity Card confirming the applicant‟s name andphotograph). National ID Card Driving License (issue date and Expiry date).

6. Two (2) signature cards duly completed by the applicant. (Detachable specimen signaturecards are included in this package).

7. Power of Attorney (where applicable).

9. Utility Bill e.g. Electricity, Water and Telephone.

10. Postage stamp on the Signature Column.

11. Membership Identification Number from professional bodes (where applicable).

SOLE PROPRIETORSHIP ACCOUNT

Documentation Required For Opening Sole Proprietorship Account


2. Photocopies of Certificate of Registration (Form CAC 76)

3. Photocopies of Registration of Business name (Form 2)

4. Photocopies of Form 6 (Companies and Allied Matters Decree 1990)

5. Recent passport size photographs of signatory to the Account.

Two copies of items 2-5 required and original to be available for sighting.

6. Satisfactory references on the proprietor. The referees must be Current Account holderseither in Union Bank or any other Bank and must not be spouses/relations of the proprietoror staff of Union Bank. (Detachable reference forms are included in this package).



7. Means of identification of the proprietor (photocopy of Driving License or InternationalPassport) with original for sighting.

PARTNERSHIP/FIRMS

Documentation Required for Opening A Partnership Account

1. Items 1, 2, 3, 4, & 5 stated above are applicable

2. Two (2) referees for each partner. The referees must be Current Account holders either inUnion Bank or any other Bank and must not be spouses or relations of the partners or staff of Union Bank.

3. Means of identification of the partners i.e. either (photocopy of Driving License orInternational Passport or Employers identity card confirming the applicant's names and

photographs) with original for sighting.

JOINT CURRENT ACCOUNT

Documentation Required for Opening A Joint Current Account

1. Items 1, 2, 3, 4, and 5 stated above are applicable.

2. Copy of resident permit (for foreign nationals). Original to be sighted by the Bank.

3. Letter of Administration/Will (for account of the Estate of deceased persons).

4. Two (2) signature cards duly completed by the applicants (Detachable specimensignature cards are included in this package).

5. Letter of confirmation of signing officials/combinations.

CORPORATE ACCOUNT

Documentation Required For Opening Corporate Account


2. Board Resolution appointing Union Bank as your bankers indicating names of signatoriesto the account and also the signing arrangements.

3. Copy of Certificate of Incorporation (original to be available for sighting).

4. Printed copy of Memorandum and Articles of Association of the company duly certified asa true copy.



5. Resident Permit (for foreign National Signatory).

6. Copy of Form C o7/CAC 2.3 (Certified by a lawyer).

7. Two (2) recent passport size photographs of each Signatory/Director. (To beauthenticated by the Referees/or the MD/CEO of the company as applicable.

8. Two (2) satisfactory referees on the Directors (where the company is new). The Refereesmust be Current Account holders either in Union Bank or any other Bank and must not be

Officers or Directors of the company or related companies or staff of Union Bank of NigeriaPlc. (Detachable reference forms are included in this package).

9. Two (2) signature cards duly completed by the company. (Detachable signature cards areincluded in this package).

10. Certificate of exemption from using “Limited” after name (where applicable)

11. Means of identification of each of the directors/signatories (photocopy of Driving License

or International Passport with original for sighting).

13. Corporate search conducted by the Bank from Corporate Affairs Commission (specimen

letter is included in this package).

*PLEASE NOTE THAT YOU WILL NOT BE ABLE TO OPERATE ANY OF THESEACCOUNTS UNTIL THE ABOVE DOCUMENTS ARE OBTAINED

VPay

It is an electronic purse used for payment at designated merchant points

Features/Benefits

o Greater security and convenience:o The light plastic-card is easy to use and convenient to carry large sums of money

without notice by the public.

o Wide Acceptance: Union VPay Card is accepted in a large number of outlets.

o It is classic and saves time: Union VPay Card is the best of its kind and saves you

time of counting money for payment of goods and services.

o Wider Encashment Points: Our large branch network provides wider points for cashwithdrawal emergencies.

o Multiplicity of Bank: Union VPay Card allows access to any of the other 25 banks inthe smartcard consortium for purpose of VPay Card transactions.



o Comfort: Union VPay Card is from the reputed Big, Strong, Reliable bank.

UNION VPAYCARD "Your most satisfying card of class"

Obtain and complete your application form for your card now.

EasyCash

EasyCash is a debit card which allows the holder access to his/her account either through anAutomated Teller Machine (ATM) or a point of sale (POS) terminal on an online, real-time.

Features/Benefits

Instant cash withdrawal. Funds transfers Print mini statement of account

Balance enquiry Purchase goods / Pay for services Carry out 'cash-back' transactions (collect cash from the merchant)

ATM will pay customer clean ,crisp cash notes at every withdrawal

WELCOME TO UNION BANK OF NIGERIA PLCSTALLION ACCOUNT CARDS

Stall ion Classic Stalli on Gold Stalli on Platinum Stall ion Sil ver

The Union Bank International Stallion Account Cards/Money Line (Cash Master) programme is an arrayof cards that put the power of spending in your hands anywhere in the world. The programme operatesthrough card accounts that are fully funded by cardholders using value loaded Titanium Money cards of different values and currencies or through direct cashiering services at any of our network of Branches,Subsidiaries, / Merchants/ agents worldwide. Our programme offers you protection with secured accessto load, save, spend, transfer or withdraw cash anywhere around the globe at the various outlets of appointed Merchants/Agents.

The programme also gives the options to choose from any or all of our cocktails of cards vide:

VISA CARD

MASTER CARD

MAESTRO CARD

MONEY LINE (CASH MASTER)-MLCM.

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The final choice of card combination depends on your status, peculiar needs and your vocation, thusgiving you the flexibility that assures your financial capacity and access to the world no matter where youare located in the globe. Cardholders are encouraged to have a combination of cards to realize the fullbenefits and potentials of belonging to the Union Bank stallion account card programme.

With the Union Bank International Stallion Account Cards VISA/MASTER CARD/MAESTRO /MLCM, you

can withdraw Cash in any currency from over 3million ATMs and make purchases worldwide anywherethe VISA/MasterCard/MLCM logos are displayed for acceptance. This also includes e-commerceshopping on the Web for all forms of purchases like Air tickets, Schools fees payment, Medical payment,Subscriptions, Seminars, Insurance, Mortgage etc..

You can also do a Card to Card Transfer, Upload Cash, Wire Transfer, Download Cash, Transfer Money,and collect proceeds of transfer from the outlets of our numerous Merchants and Agents that collaboratewith Union Bank to make the use of our cards a real pleasure anywhere in the world. No matter thecurrency on card, cardholders can do any transaction sets on the programme with any other carddenominated in currency different from the originating cardholder under the programme. This is madepossible through cardholders accessing the currency conversion window that converts from any currencybased on offerings from Union Bank.

The programme has a strong appeal to Travelers, Immigrants, Utility Bills payments, Shoppers, Traders,Oversea workers, family members, Embassies workers, Associations/Clubs, Salary payment, Pilgrimsetc. These services are offered anywhere in the world at very competitive low prices that can beconsidered next to none in the market. The programme also has the added feature of delighting Agentsand Cardholders with our generous Loyalty package offered to Agents and Cardholders for any newcardholder introduced into the programme. Points earned from the Loyalty can be cashed anywhere inthe world based on predetermined milestones by Union Bank.

Union Bank has also developed a unique card feature which gives the cardholder opportunity of earninginterest on card balance based on parameters spelt out by the Bank. Please visit the Interest rate benefitsto cardholders on our Web site for further details. These features complete the cocktails of benefits on theUnion Bank stallion account cards that allows you the power to deposit, save, invest, transfer and spendmoney in any currency anywhere in the world.

SUBSIDIARIES

Union Bank UK PLCUnion Homes Savings & Loans Plc UBN Property Company Limited Union Trustees Limited Union Assurance Company Limited

Union Capital Market Limited Union Registrars Limited

ASSOCIATED COMPANIES

Consolidated Discounts Limited Unique Venture Capital Management Company Limited

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Bank International Du Benin (BIBE)

HFC Bank Ghana Limited

Corporate Governance

Given its global significance, Union Bank of Nigeria Plc is committed to the implementationof the Corporate Governance best practices and to this end has set up the following bodiesto ensure integrity, credibility, and accountability and transparency:

The Board of Directors comprises seventeen (17) members including the Chairman, theGroup Managing Director/Chief Executive, seven (7) Executive Directors and eight (8) Non-Executive Directors.

The Board meets bi-monthly, and its members possess background, experience and

expertise requisite for the oversight functions of the Board.

The offices of the Chairman and Group Managing Director/Chief Executive have always been

separate and distinct.

Well before the Code, the Bank had put in place tenure and Board composition for itsDirectors, which is in tandem with the provisions of the Code.

The Board of Directors also performs its functions through the following:

Board Committees

Board Finance and General Purpose Committee

Board Credit Committee

Board Establishment and Services Committee

Board Risk Management Committee

Executive Committee

Audit Committee

Management Committees

Credit Committee

General Management Committee

Management Control Committee Assets and Liabilities Committee

Staff Disciplinary Committee

Board Finance and General Purposes Committee comprises three Non-Executive Directors

(one of whom is the Chairman), the Group Managing Director/Chief Executive and twoExecutive Directors. The Committee considers and approves expenditure up to N50million.

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Board Credit Committee comprises five Non-Executive Directors (one of whom is theChairman), the Group Managing Director/Chief Executive and four Executive Directors. The

committee considers and approves advances and credit facilities of N1billion and also insiderrelated credit applications by Assistant General Managers and above..

Board Establishment and Services Committee comprises five Non-Executive Directors (one

of whom is the Chairman), the Group Managing Director/Chief Executive and threeExecutive Directors. The Committee considers and approves the appointment, promotion

and discipline of Senior Management staff and above, staff welfare and industrial relationsmatters and formulates policies, strategic and succession plans for the Bank.

Board Risk Management Committee comprises five Non-Executive Directors (one of whom isthe Chairman), and five Executive Directors. The Committee exercises a Board oversightfunction on all risk related issues

Executive Committee comprises the Group Managing Director/Chief Executive (who is the

Chairman or in his absence any Executive Director deputizing for him) and all the Executive

Directors. The Committee deals with Management and Policy matters (except credits and

other matters being handled by the Credit Committee) and escalates these matters to theappropriate Board Committee if necessary.

Audit Committee comprises three shareholders‟ representatives appointed at the Annual

General Meeting (who are not directors) one of whom is the Chairman and three Non-

Executive Directors. To engender independence, the shareholders‟ representatives on thecommittee have direct access to the external auditors.

AWARDS

The outstanding performance of the Bank continues to attract commendation within andoutside the industry. The Bank was awarded The Best Bank in Nigeria by Euromoney in

2006. This marks the fifth time the Bank is winning global award, having won theprestigious "Banker's award" as Nigeria's Best Bank four times in 2000, 2001, 2002 and

2004.

Other awards include:

The SME Most Friendly Bank award by the Nigerian Association of Small and Medium

Enterprises (NASME)

The Lagos Chamber of Commerce and Industry award as the Best InnovativeExhibitor in the Financial Services Sector at the 2006 Lagos Trade fair

the Bank with the Highest Volume of Clearing Cheques for year 2006 in the Enugu

Clearing House

The Bank picked two additional prizes, for Active Participation in DevelopmentFinance (Agriculture) and High Level of Accuracy at Clearing Sessions”.

The Best Lending Bank under the ACGSF in the federal capital City and won the Bestbank for punctuality at the Abuja Cheque Clearing Centre.

SOCIAL RESPONSIBILITY

DONATIONS



Donations made in 2010 amounted to =N=57,857,579.56 (2009 - =N=157,933,059) detailsof which are stated below. No donation was made to any political organization.

Lagos State Security Fund - =N=10,000,000.00

Nekede Polytechnic (Toyota Hiace - =N=5,670,000.00

Gombe Government (Lorry Tanker Accident - =N=5,000,000

Lagos Diocess Epe - =N=3,822,902.50 Sponsorship of Africa Agric Forum - =N=3,500,000.00

Federal Road Safety Corps. - =N=2,500,000.00

Lagos State University College of Medicine & Teaching Hospital - =N=250,000.00

National Bankers Retreat - =N=1,536,180.04

Sponsorship to Ikoyi Club 1938 - =N=1,500,000.00

Jos/Haiti Appeal Fund - =N=1,500,000.00

Borehole Donation to Community- =N=1,500,000.00

Federal College of Education- =N=1,389,000.00

Nigeria Economic Society - =N=1,000,000.00 etc.,

COMMUNITY INVOLVEMENT

Union Bank has continued to demonstrate its social responsibility in various ways byidentifying with worthy causes in the host communities where it does business. In

this regard, the Bank gives financial and moral assistance to a number of social and

community-based activities such as sports development, education and co-sponsorship of some national events. The Bank has, at various times, madecontributions to:

o West Africa University Game (WAUG) Hosted by FUTA

o

Sponsorship of UBN Annual Tennis Tournament 2010o Nigerian Society for the Blindo Holy Child College

NEWS

Union Bank of Nigeria Plc Reports Full Year 2012 Results Bank Returns to Profitability, Transformation Plan On Course

LAGOS –

April 29, 2013 –

Union Bank of Nigeria Plc (NSE: UBN) today reported results for the financial year ended December 31, 2012.

“Our 2012 results have fully incorporated all costs relating to the recently concluded

recapitalisation and clean up of our loan portfolio,” said Emeka Emuwa, Group ManagingDirector and Chief Executive of Union Bank. “Our transformation roadmap is well under execution as we upgrade and strengthen our operating platform so that we can serve our customers better. We are pleased to enter the new financial year on an encouraging note.”

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“We are happy to report improvement from year -end 2011 to year-end 2012 in most performancemeasures,” said Oyinkan Adewale, Executive Director and Chief Financial Officer. “We

recorded an increase in our earnings, worked to keep costs down and at the same time madeefforts to increase productivity. While the full benefits of these efforts may not be immediatelyobvious, we are happy with the indicators that we are moving in the right direction”.

Gross Earnings for the Bank totalled N96.5 billion, up 35 percent from year-end 2011 whileGross Earnings for the Group rose 33 percent to N112.8 billion.

Profit Before Tax for the Bank was N8.1 billion, up from a loss of N102.6 billion the previousyear. The Group recorded Profit Before Tax of N9.1 billion compared to Loss Before Tax of N107.7 billion in 2011. Profit After Tax for the Bank was N7.9 billion as against a loss of N76.7 billion in 2011, while Profit After Tax for the Group was N7.4 billion compared to a loss of N82.6 billion in the previous year.

Earnings Per Share also improved, with the Bank recording 46 kobo in 2012 compared to

negative N12.51 kobo in 2011, and the Group recording 61 kobo as against negative N12.26kobo the year before.

Customers’ deposits with the Bank stood at N482 billion at 2012 year -end, a 21 percent increasefrom 2011 year-end figures. Shareholders’ Funds at year-end stood at N171.671 billion. TheBank’s Total Assets grew 7.2 percent to N886.468 billion while Group Total Assets stood at N1.033 trillion.

Operating expenses improved for both the Bank and the Group, with the Bank recording N66.2 billion in expenses as against N73.2 billion in the previous year, and the Group recording N77.0 billion compared to N90 billion in 2011. As at December 31, 2012, the Bank’s capital adequacy,

at 20%, was above the 15% regulatory requirement for international banks, while liquidity ratiowas 96 percent, also above the 30% regulatory requirement.

In 2012, following the successful recapitalisation the Bank, transformation efforts began inearnest with the strengthening and consolidation of the Board as well as the recruitment of keyexecutives. Senator Udoma Udo Udoma CON, a lawyer and Senior Partner of the law firm of Udo Udoma & Belo-Osagie, was appointed to the Board as Chairman. Also appointed to theBoard during the year were Group Managing Director and Chief Executive, Mr. Emeka Emuwa,former Managing Director of Citibank Nigeria, and Mrs. Oyinkan Adewale, Executive Director and Chief Financial Officer. Mr. John Botts, Mr. Cyril Odu, Mr. Douglas Munatsi and Mr. JamesMacarthur also joined the Board as Non-Executive Directors. Other transformation initiativeskicked-off during the period include modernising of the Bank’s branches, strengthening of the

workforce and skills, upgrading of technology and systems, as well as the review of processes tomake them more eff icient for the Bank’s customers. The Bank plans to continue with itstransformation programme in 2013.



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Company Name Union Homes Savings and Loans Plc

Head Office Royal House,153, Ikorodu Road,

Onipanu, Lagos.

P. M. B. 041, Shomolu, Lagos

Tel: 234-01-5820799.

Nature of Business Mortgage Banking

Start of Operation Null

Date Listed on Exchange 24th April 2006

Directors B. B. Ebong (Chairman)

Mr. E. A. Aikhorin (MD/CEO)Mr. S. O. Thomas

Mr. I. B. Dogo

Mr. T. O. I. Akinola

Mr. Efiom Kofon

Dr. Umar Faruk

Company Secretary A. A. Daniel, Esq.

Auditors Oyelami Soetan Adeleke & Co.

(Chartered Accountants)

Kresta Laurel Complex

376, Ikorodu Road,

Maryland, Lagos.

Company Registrars Union Registrars Limited

Lagos.

End of Accounting Year 31st December

Outstanding Shares 6,250,000,000



Financial Results Click Here For Details

Financial Results - Union Homes Savings and Loans Plc

3rd Quarter Ended 31st December, 2009

2009

N (Millions)

2008

N (Millions)

Percentage

Difference

Gross Earnings 4,402.00 6,510.00 -32%

Profit Before Tax (1,315.00) (1,916.00)

Tax (353.94) (329.36)

Profit After Tax (1,668.94) (2,245.36) 26%

2nd Quarter Ended 30th June, 2010

2010

N (Millions)

2009

N (Millions)

Percentage

Difference

Gross Earnings 4,800.00 4,573.00 5%

Profit Before Tax 1,665.00 370.00 350%

Tax (499.00) (111.00)

Profit After Tax 1,166.00 259.00 350%

Year Ended 31st December, 2011

2011

N (Millions)

2010

N (Millions)

Percentage

Difference

Gross Earnings %

Profit Before Tax %

Tax

Profit After Tax %

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Union View

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