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Tag: Union Bank

  • Union Bank woos Kaduna customers with digital services

    Union Bank woos Kaduna customers with digital services

    Union Bank Plc has intensified efforts to ensure that its customers enjoy quality services and has adopted simpler and smarter banking products, services and processes.

    Speaking at UnionKorrect product launch the bank’s  Executive  Director (Public Sector) Ibrahim Kwargana, encouraged customers to migrate to mobile and online banking with the bank.

    Kwargana added that customers can open a UnionKorrect account with only N5, 000 with customers going through little or no stress to get documented.

    He said: “Our goal is to make banking simpler and smarter for our numerous customers across the country. Restructuring and upgrading of all Union bank branch locations remains a critical piece of the transformation because it ensures that we are in the right locations and serving the right customers in a functional and professional setting. So far we have refurbished more than 50 branches across the country, putting into consideration, the behaviour of our customers towards modern banking”.

    Speaking also on the product launch, he also recounted the benefit of the Unionkorrect account which was officially launched in Kaduna, adding that owners of the account stand to enjoy numerous benefits plus the opportunity to win big.

    Head, Retail Products, Sheahan Arasaratnam explained that Unionkorrect is a unique account to ensure that Nigerians bring back the culture of saving. “A product that brings back the culture of savings for Nigerians and saving with a lot of excitement. A total of 300 customers are expected to win in the draws with the grand prize of a million naira up for grabs said Sheahan.

    Kaduna State Accountant General, Mr Umar Hassan  Waziri  who unveiled the new upgraded branch at Ahmadu Bello way said  after inspecting the new look Union Bank: “It promises to revolutionize banking in Nigeria, a change that we may never have seen before in this country. I’m impressed”.

    The bank’s customer,  Mrs. Fatima Olowokore said the lender has embraced new generation way of banking. “I will open five new accounts with the newly introduced UnionKorrect account,” she said.

     

  • Union Bank unveils new branches in Lagos

    Union Bank of Nigeria Plc has unveiled four of its recently redesigned and improved branches in Lagos State, in its bid to continue to deliver superior banking experience to its customers.

    The branches are located at Oba Akran, Allen, Alausa and the Agege areas of Lagos. Union Bank said the redesigned branches are part of the Bank’s plan to offer “simpler and smarter” banking solutions to customers and prospects. The branches have been exquisitely designed and furnished to wear a sophisticated look.

    Speaking to journalists at the unveiling ceremony, the bank’s Group Managing Director/Chief Executive Officer,  Emeka Emuwa, noted that the new look was in line with the lender’s rebranding objectives. “This is aligned with the new Union Bank brand identity that we launched six weeks ago,” he said.

    “What we’ve tried to do here is to give our customers a more contemporary environment in our business locations but still retaining the old Union Bank tradition, and then making sure that the branch’s layout is geared towards helping our customers access their services much more efficiently.

    “It is basically a continuation of the new brand identity that we launched, which is more modern, energised, vibrant and contemporary. The technology you have in this branch is the same everywhere else. Back in April, we upgraded our core banking systems, and the benefits are visible. Customers should simply expect simpler, smarter service,” the bank chief explained.

    He also said unveiling the redesigned branches was an ongoing process that would continue for the next two months. “We have a total of 40 so far and over the next few weeks, you’ll see us unveiling them. We’ve done all the work over the last few years. Some are new branches which we are opening; some are old branches which we’ve renovated. We were in Ibadan recently, and now we are unveiling Oba Akran, Agege, Alausa and Allen. So, for the next two months, you will see us unveiling our new look across the country.”

    Addressing customers during the unveiling, Emuwa also said the branch launch is a reflection of the future of Union Bank. He added: “The only way that this has remained possible is that for the past 98 years, customers have been supporting our business, and we hope and expect that that will continue. In fact, the reality is that we actually expect more, which is why we are doing this today.”

    He also said Union Bank has strengthened all its electronic banking channels, especially with mobile innovation that ensures that banking services can be accessed anywhere and anytime.

  • Union Bank appoints chairman

    Union Bank appoints chairman

    Union Bank of Nigeria Plc (Union Bank) has appointed Cyril Odu as Chairman of the Board of Directors. His appointment followed the resignation of previous Chairman, Senator Udoma Udo Udoma, who was recently appointed Minister of Budget and National Planning by President Muhammadu Buhari.

    Odu joined the Board of Union Bank in 2012 following a $500 million investment in the Bank from Union Global Partners Limited, a private equity consortium.

    “The Board and Management of Union Bank thank Senator Udoma for his astute leadership and support over the past three years. Under Senator Udoma’s guidance, the Bank defined its strategic direction, outlined its transformation roadmap, and has made significant strides executing its priorities as is evident in our achievement of critical operational and financial milestones.

    We wish him success as he is called to serve our countryin a higher capacity and to assist the administration of President Muhammadu Buhari in the transformation of the Nigerian economy,” says Emeka Emuwa, Group Managing Director and CEO of Union Bank.

    Emuwa said as a non-executive Director since 2012, Odu has brought his extensive knowledge and experience to bear and has provided critical input and direction to support the lender’s transformation.  “His appointment brings continuity and ensures that the Bank will continue to execute its defined strategic initiatives over the next few years.”

  • Union Bank appoints Odu as board chairman

    Union Bank appoints Odu as board chairman

    Union Bank of Nigeria Plc (Union Bank) has appointed Mr. Cyril Odu as Chairman of the Board of Directors following the resignation of previous Chairman, Senator Udoma Udo Udoma.

    Udoma was recently appointed Minister of Budget and National Planning by President Muhammadu Buhari.

    Mr. Odu joined the Board of Union Bank in 2012 following a $500 million (USD) investment in the Bank from Union Global Partners Limited, a private equity consortium.

    The Group Managing Director and CEO of Union Bank, Emeka Emuwa, said in a statement to BUSINESSWIRE.ng, “The Board and Management of Union Bank thank Senator Udoma for his astute leadership and support over the past three years.”

    He added, “Under Senator Udoma’s guidance, the Bank defined its strategic direction, outlined its transformation roadmap, and has made significant strides executing its priorities as is evident in our achievement of critical operational and financial milestones. We wish him success as he is called to serve our country in a higher capacity and to assist the administration of President Muhammadu Buhari in the transformation of the Nigerian economy.”

    Emuwa added; “We are very pleased as Mr. Cyril Odu assumes the role of Chairman of the Board of Directors. As a non-Executive Director since 2012, he has brought his extensive knowledge and experience to bear and has provided critical input and direction to support Union Bank’s transformation.  His appointment brings continuity and ensures that the Bank will continue to execute its defined strategic initiativesover the next few years.”

    Odu has nearly 45 years of professional and management experience. His 40-year distinguished career at ExxonMobil saw him rise from Trainee to Vice Chairman of the Board of Mobil Producing Nigeria and Chief Financial Officer of ExxonMobil Upstream Companies in Nigeria, making him the highest ranking Nigerian in the organisation until his retirement in 2012.

    During the span of his career at ExxonMobil, he served in many technical and managerial functions including Associate Geologist, Treasurer, Controller, Project Finance Director (Europe, Middle East and Africa), Country HR Manager, and General Manager, Planning and New Business Development.

  • Union Bank appoints new chairman

    Union Bank appoints new chairman

    Union Bank of Nigeria Plc. has appointed Mr. Cyril Odu as Chairman of the Board of Directors following the resignation of previous Chairman, Senator Udoma Udo Udoma, who was recently appointed Minister of Budget and National Planning by President Muhammadu Buhari. Mr. Odu joined the Board of Union Bank in 2012 following a $500 million (USD) investment in the Bank from Union Global Partners Limited, a private equity consortium.

    “The Board and Management of Union Bank thank Senator Udoma for his astute leadership and support over the past three years. Under Senator Udoma’s guidance, the Bank defined its strategic direction, outlined its transformation roadmap, and has made significant strides executing its priorities as is evident in our achievement of critical operational and financial milestones. We wish him success as he is called to serve our country in a higher capacity and to assist the administration of President Muhammadu Buhari in the transformation of the Nigerian economy,” says Emeka Emuwa, Group Managing Director and CEO of Union Bank.

    On the appointment of Mr. Odu, Mr. Emuwa continues, “We are very pleased as Mr. Cyril Odu assumes the role of Chairman of the Board of Directors. As a non-Executive Director since 2012, he has brought his extensive knowledge and experience to bear and has provided critical input and direction to support Union Bank’s transformation. His appointment brings continuity and ensures that the Bank will continue to execute its defined strategic initiatives over the next few years.”

    Mr. Odu has nearly 45 years of professional and management experience. His 40-year distinguished career at ExxonMobil saw him rise from Trainee to Vice Chairman of the Board of Mobil Producing Nigeria and Chief Financial Officer of ExxonMobil Upstream Companies in Nigeria, making him the highest ranking Nigerian in the organisation until his retirement in 2012. During the span of his career at ExxonMobil, he served in many technical and managerial functions including Associate Geologist, Treasurer, Controller, Project Finance Director (Europe, Middle East and Africa), Country HR Manager, and General Manager, Planning and New Business Development. He was actively involved in developing and executing ExxonMobil business strategies in Nigeria, as well in as the implementation of several innovative funding and financing solutions, including the first upstream financing deal (the 1991 Oso Condensate field development) in Nigerian history.

    In 2008, he served on a presidential committee tasked with accelerating the expansion of Nigeria’s power infrastructure. After his retirement from Exxon Mobil in 2012, Mr. Odu joined African Capital Alliance where he became a Partner and led the energy division of the firm. He serves as a non-executive director on other corporate boards including Income Electrix and Venture Gardens Group.

    Prior to his appointment as Chairman of Union Bank, Mr. Odu was the Chairman of the Bank’s Risk Management Committee and also served on the Finance and General Purpose Committee and Credit Committee.

    Mr. Odu holds a Bachelor’s degree in Geology from the University of Ibadan, where he graduated with honours. He also has an MBA from Texas Southern University in Houston, Texas.

  • Union Bank opens minibranch at trade fair

    Still basking in its new identity, the Union Bank has announced that it is participating in the 2015 edition of the Lagos International Trade Fair to showcase its simpler and smarter banking solutions and also its rebranded service delivery.

    Announcing the bank’s participation at the fair, Union Bank Group Head, Retail Cluster, Lagos Island, Nwoamaka Mike Nwoke said: “The trade fair provides the bank the opportunity to demonstrate its simpler, smarter banking solutions to the general public. The solutions range from instant account opening with immediate account number issuance, instant debit card issuance, robust e-banking solutions and quick and easy access to loans.”

    Nwoke also said thata new product tagged UnionKorrect, is being offered at the Trade Fair. UnionKorrect is a savings product which is aimed at helping customers develop a savings culture. UnionKorrect allows customers to save towards a goal and gives them the opportunity to win extra cash of up to N1 million in quarterly draws while they save.

    Also speaking on the Bank’s participation in the Trade Fair, the Head of Corporate Affairs & Communication at Union Bank, Ogochukwu Ekezie-Ekaidem said: “One of our critical focus areas as a Bank is to significantly improve our customer experience at all touch points.Our product and service offerings is one of the first phases of improvement and this has clearly yielded the desired results with high subscription recorded with the UnionKorrect product launched recently.”

    Expatiating, she said the  mini branch at the fair will offer customers and prospects all the banking products and services available at the banking halls.

  • ‘Why we rebranded Union Bank ’

    ‘Why we rebranded Union Bank ’

    The Managing Director/CEO of Union Bank Plc, Emeka Emuwa has said the lender is rebranding to reflect a new phase in its transformation and drive to attract a new base of customers.

    Speaking at the unveiling of the lender’s new brand identity in Lagos last week, he said the refreshed brand is in line with the bank’s strategic ambition to become a highly respected provider of quality financial services in the country.

    “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 continued.

    Also speaking at the event, the bank’s Chairman, Udoma Udo 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 staff on their hard work over the years and I am sure the bank will continue succeed as it embarks on a new phase with a refreshed brand identity.”

    The highlight of the event was the unveiling of a massive replica of Union Bank’s iconic white stallion in its new form and Union Bank’s new logo. Speaking on the new identity, Head, Corporate Affairs & 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 on our minds. Our iconic white stallion, which represents strength and passion, is now in motion, cantering forward with energy and dynamism.”

  • Union Bank grows profit to N13.2b in Q3

    Union Bank grows profit to N13.2b in Q3

    Union Bank of Nigeria (UBN) Plc yesterday released its unaudited report for the third quarter indicating appreciable growths in gross and net earnings as the first generation bank prepares to unveil its new technology-driven banking model and brand.

    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 third quarter 2015. Net interest income grew by four per cent from N37.2 billion in third quarter 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.

    Its Managing Director,  Mr Emeka Emuwa, said the bank had combined improvement in top-line with disciplined cost management to sustain profit growth.

    He noted that as the bank is set to launch its new identity, it has entered a new phase of transformation as the new brand identity will further enhance its competitiveness in the industry.

    “Looking towards the end of the year, we remain confident that the fundamentals of our business will remain strong, spurred by the momentum of our refreshed brand,” Emuwa said.

    He assured that the bank would deliver a superior customer experience to its existing customers and attract a new base of customers with a view to sustaining its fundamental performance and delivering competitive returns to investors.

    Its Chief Financial Officer,  Mrs. Oyinkan Adewale said the bank has continued to maintain cautious and prudent approach to its provisioning and cost management in order to ensure that its fundamentals are premised on steady and sustainable footing.

    “Our loan impairment charges continue to reflect our cautious approach to loan growth and our outlook as we anticipate the impact of economic headwinds on business activity,” Adewale said.

     

     

  • What’s the matter with Union Bank?

    What’s the matter with Union Bank?

    SIR: We, the aggrieved pensioners of Union Bank of Nigeria Plc nationwide (pensioners from 2006 to 2014) have been maltreated, pauperized, traumatized, tortured, tormented and completely dehumanized by the recalcitrant posture of Union Bank and PENCOM. Some have been sent to their early graves.

    For almost four years, Union Bank has refused to remit the full legacy fund/accrued pension rights into our various Retirement Savings Accounts (RSAs). By this action, we find it impossible to access our full monthly pension. This has made us to be in real mess and bondage; life has been extremely difficult for us and we have been unable to cater for our families.

    Despite many entreaties, protests and write ups in various national dailies urging the bank and PENCOM to correct all these anomalies, the bank remains adamant and unperturbed. This is sheer impunity which must be stopped. We have cried and shouted enough about these injustices and inhuman treatment meted on us.

    We are in a dilemma and we are appealing to President Muhammadu Buhari to intervene and call both PENCOM and Union Bank to order.

    Union Bank must comply fully with part x (1) (a) (g) and part iv 15 (c) (2) of the Pension Reform Act 2014 as amended.

    However, the good news is that PENCOM on Monday, September 21, again directed the bank to credit our Retirement Savings Accounts (RSAs) on or before October 31.

    On Wednesday, September 2, the Director-General of the National Pension Commission (PENCOM), Mrs. Chinelo Anohu-Amozu described non-remittance of pension funds by employers as a grave crime; she stated this after a meeting with President Muhammadu Buhari in Abuja.

    Will Union Bank comply this time? Will Union Bank continue with these impunity, recklessness and crimes unchecked? These injustices and inhuman treatment meted on us must stop.

    The bank must remit full and commensurate legacy fund/accrued pensions rights into our RSAs. The criteria and computation of the actuarial valuation of legacy fund/accrued pensions each aggrieved pensioner is entitled to must be made transparent and open to all; it must not be shrouded in secrecy.

    • Lanre Onawola,

    Apata, Ibadan.

  • Union Bank records modest growth in first half

    Union Bank of Nigeria (UBN) Plc, one of the oldest banks in Nigeria, rode on the back of significant growth in its core banking operations to mitigate headwinds and sustain overall steady but modest performance in the first half of this year.

    Key extracts of the interim report and accounts of UBN for the period ended June 30, 2015 indicated that interest income, which rose by 18.3 per cent, counterbalanced 11.2 per cent decline in non-interest income, leaving the top-line with a modest growth of 5.8 per cent. Pre and post tax profits rose marginally by 2.2 per cent and 1.9 per cent respectively.

    Group gross earnings closed first half 2015 at N55.96 billion as against N52.88 billion recorded in comparable period of 2014. Interest income had risen from N36.6 billion in 2014 to N43.3 billion in 2015. Net interest income however declined from N13.87 billion to N12.31 billion. Group profit before tax inched up from N6.47 billion to N6.61 billion while profit after tax slightly increased from N6.34 billion to N6.46 billion. Earnings per share rose from 35 kobo to 38 kobo.

    Managing director, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa, said the successful implementation and migration to a new banking platform, Oracle FlexCube UBS, has provided a more stable operating environment for the bank to serve customers and process routine transactions quicker and more efficiently.

    “In spite of economic headwinds and regulatory changes impacting the financial industry, Union Bank remains on a stable growth trajectory as we implement initiatives to grow our core banking segments,” Emuwa said.

    He noted that the group’s core banking business performed significantly better during the period as the bank’s stand alone gross earnings grew by 17 per cent while the bank delivered profit before tax of N10.2 billion, a 53 per cent increase over the same period in 2014.

    “Excluding the gain on the sale of subsidiaries, the bank delivered profit before tax of N6.7 billion, a 134 per cent increase over the first half of 2014. Deposits also continue to move in the right direction with 8.0 per cent growth when compared to December 2014. Non-volatile deposits alone grew by N55.7 billion during the first half of 2015,” Emuwa stated.

    He assured that as more clarity emerges in the macro-economic environment in the second half, the group would consolidate the gains it made in the first half of the year; maintaining its focus on delivering operating efficiencies across its operations and proactively managing its risk while exploring emerging opportunities in the economy.

    In her remarks, chief financial officer, Union Bank of Nigeria (UBN) Plc, Mrs. Oyinkan Adewale, said good performance across most financial metrics underscored the improving fundamentals and operational discipline of the bank.

    “For the second half of 2015, our focus remains on continuing to manage funding costs, reducing operating expenses and minimising impairment costs through proactive risk management. We will also continue leveraging technology to enhance customer experience and reduce the cost of servicing customers,” Adewale added.