Union Bank of Nigeria Plc., commonly known as Union Bank of Nigeria, is a commercial bank in Nigeria.
The bank was founded in 1917 as Colonial Bank. In 1925, Barclays Bank acquired Colonial Bank, 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 same year, 8.33% of the bank’s shares were offered to Nigerians. The following year, the Federal Government 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 businesses to comply with then recently enacted banking and investment laws. The bank changed its name to Union Bank of Nigeria Plc, to reflect its new ownership structure.
In 1993, the Federal Government of Nigeria completely divested its ownership in the bank. Subsequently, Union Bank of Nigeria Plc. acquired the formeeUniversal Trust Bank Plc and Broad Bank Limited. It also absorbed its former subsidiary Union Merchant Bank Limited.
Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa.
