Onikan Stadium on Lagos Island is famous for hosting sporting activities. But Union Bank turned the table around on October 27. The bank took over Onikan Stadium, not for a sporting event but for the unveiling of its new identity, which will have effect on Lagosians and Nigerians anywhere they are. A sea of people sat under cyan canopies facing the raised platform where the new identity was covered. It was drizzling. It has been long Onikan saw that class of people. It was simply splendid.
The fanfare will forever live in the memory of those who attended the occasion and millions of Nigerians who watched it through their TV screen.
The highlight of the brand launch event was the unveiling of a massive replica of Union Bank’s iconic white stallion in its new form and bank’s new logo. It was done by its chairman, Senator Udo Udoma. The new identity was unveiled after a countdown from nine to zero. The massive structure hitherto covered up on the platform turns out to be a mammoth replica of the bank’s iconic white stallion, in a different form that suggests increased smartness and agility. “Building a simpler, smarter bank” is the new tagline that sits where “Big, Strong and Reliable” used to be.
Speaking at the event, the Chief Executive Officer and Managing Director of Union Bank, Mr. Emeka Emuwa, said: “We believe that critical milestones we have achieved in the past three years have laid a solid foundation for us as a bank. The launch of this refreshed identity signals a new phase in Union Bank’s transformation as we set our sights on attracting a new base of customers while remaining focused on providing simple and smart banking solutions to all our customers. Union Bank has been a trusted name for Nigerians for nearly a century and we will continue to leverage our heritage as we embrace a rapidly changing world.”
Udoma, said: “I am very proud of the strides the bank has made during my time as Chairman and I commend the board, management and members of staff for their hard work over the years. I am sure the bank will continue to succeed as it embarks on a new phase with a refreshed brand identity.”
On the new identity, Head, Corporate Affairs and Corporate Communications, Ogochukwu Ekezie-Ekaidem said: “Union Bank is one of the longest standing financial institutions in Nigeria and our new identity pays homage to our past and carries with it our proposition for the future. In developing the new identity, remaining true to our brand proposition of simplicity was foremost in our minds. Our iconic white stallion, which represents strength and passion, is now in motion, cantering forward with energy and dynamism. We have introduced a modern typeface and updated our colour to a fresher and more vibrant blue. Finally, we have included patterns to infuse a contemporary feel to the overall identity.”
Since 2012, under the leadership of Emuwa, Union Bank began rebuilding its banking business by redefining its business model, rebuilding its technology and physical infrastructure and re-engineering its work force.
During this time, Union Bank has rolled out a new banking platform, Oracle FlexcubeUBS 12.0, and launched Smarter Banking Centres targeted at the technology savvy customers looking for convenient banking service. The bank has also built a state-of-the-art data centre and a new Central Processing Centre to streamline its branch operations and enhance customer service.
With the launch of a new identity, Union Bank said it is now focused on delivering on its promise to make banking simpler so that its customers can focus on the things that matter most to them.
The road to the bank’s current status began in July 2012, when Emuwa was recruited to head it. He replaced Funke Osibodu, who was renowned for her efforts to get the bank through one of its darkest moments. His mandate was to build on Osibodu’s achievements and build a bigger and better bank.
In late 2012, a new Board of Directors and Executive Management team were appointed, and in 2014, Union Bank began re-establishing itself.
“The board gave us a mandate in 2012 to map out a transformational strategy for the future,” Emuwa says. “And that’s what we did.”
While unveiling the new identity, Emuwa told a story: “My father paid my school-fees through this bank. This is an iconic institution. There is virtually nobody across the country that has not, in some version, interacted with the brand.”
This cannot but be true for a bank established in 1917 and listed on the Nigerian Stock Exchange in 1971. It is a household name and one of the country’s long standing financial institutions. It has over 300 branches.
“Union Bank has been a trusted name for Nigerians for nearly a century, and we will continue to leverage our heritage as we embrace a rapidly changing world,” Emuwa noted.
Udoma was enthusiastic about the bank’s refreshed identity, commending the present team for its industry over the years.
“I am very proud of the strides the bank has made during my time as Chairman, and I commend the Board, Management and Staff for their hard work over the years. I am sure the bank will continue to succeed as it embarks on a new phase with a refreshed brand identity,” he said.
Speaking with reporters after the fireworks of the launch, Udoma shared his thoughts about what the new identity means: “We want the brand to show and demonstrate what Union Bank is about. Union Bank is a customer-focused bank. It’s a bank that addresses all the needs of all our customers. It’s a bank which is very responsive. We want a simple, accessible banking service that anybody can access. And we want it to be smart. That means we anticipate your needs and meet them. That’s why it’s a simpler, smarter bank.”
On his part, Enuwa said: “What we’ve said is that we are building a simpler, smarter bank. The simplicity is for our customers. The smarter means that every day, we look at doing things better and smarter than we did the previous day, so that it can be easier for our customers.
“So, it’s a continuum. We continue to evolve. Now, for the bank’s future, it means that we have leveraged on a strong culture to continue to meet the needs of our customers. We will continue to evolve to meet the needs of a newer generation.
“We are also leveraging on technology. If you look at some of the banks that we’ve renovated, you will find that a better environment has been provided to serve customers. So, products, service, a better environment and technology are some of the things we are using to serve our customers better. Union Bank is a trusted brand. We will continue to build on that trust and ensure that when you bank with Union Bank, you can rely on us. That will continue.”
There are already significant indications that the transformation strategy is working. When the bank released its unaudited report for the third quarter on October 26, there were indications of appreciable growths in gross and net earnings.
Key highlights of the interim report and accounts of the lender for the nine-month period ended September 30, 2015 showed that its gross earnings and profit before tax grew by 11 per cent each as the commercial bank grew its total assets by 10.3 per cent to N1.02 trillion. Gross earnings rose to N86.4 billion in the third quarter of 2015. Net interest income grew by four per cent from N37.2 billion in the third quarter of 2014 to N38.8 billion in 2015. Profit before tax rose to N13.17 billion as against N11. 89 billion recorded in comparable period of 2014 while profit after tax increased from N11.79 billion to N13.08 billion.
Other highlights of the results showed that net operating income was up two per cent to N55.5 billion from N54.5 billion in Q3 of 2014. Total expenses were down by two per cent to N42.3 billion from N43.1 billion in the corresponding period in 2014. Customers’ deposits also rose by four per cent. It increased to N526.1 billion from N507.4 billion in the corresponding period.
