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 Bank remained un-changed until 1971 when 8.33% of the Bank’s shares were offered to Nigerians. In the same year, the Bank was listed on the Nigerian Stock Exchange. As a result of the Nigeria Enterprises Promotion Act of 1972, the Federal Government of Nigeria acquired 51.67% of the Bank’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 International disposed its shareholding to Nigerians in 1979. To reflect the new ownership structure and in compliance with the Companies and Allied Matters Act of 1990, it assumed the name Union Bank of Nigeria Plc.In consonance with the government's programme of privatisation and commercialisation of public enterprises, the Federal Government in 1993 sold its shares in Union Bank to private individuals. Thus,Union Bank became fully owned by Nigerian citizens and organisations.In line with 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 absorbed its erstwhile subsidiary Union Merchant Bank Ltd. The Bank also increased its shareholders' funds through a Public Offer/Rights Issue in the last quarter of 2005. With these developments, Union Bank remains one of the most capitalised banks in Nigeria. It has a shareholders’ funds of N119.160billion and operates through 405 network of branches that are well spread across the country, all of which are on-line, real time.
Union Bank of Nigeria Plc is committed to equal opportunity and to a performance culture where recognition, promotion and rewards are based upon merit and demonstrated performance. Our employment policy is driven by generous staff welfare, career growth and industrial harmony. EMPLOYMENT AND EMPLOYEES1. Employment of disabled persons It is the policy of the Bank that there should be no discrimination in considering applications for employment including those from qualified disabled persons. All employees whether or not disabled are given equal opportunities to develop. As at 31 March 2008, there were 6 (2007 - 6) disabled persons in the employment of the Bank.2. Health, safety at work and welfare of employeesHealth and safety regulations are in force within the Bank’s premises and employees are aware of the existing regulations. The group provides subsidies to all levels of employees for medical, transportation, housing, etc.3. Employees’ involvement and trainingThe Bank is committed to keeping employees fully informed as much as possible regarding their performance and progress and seeking their views wherever practicable on matters, which particularly affect them as employees.Management, professional and technical expertise are the group’s major assets, and investment in their further development continues.The Bank provides in-house training and manpower development for its employees who are equally encouraged to improve on their individual technical skills, professional or academic standard. Incentive schemes designed to meet the circumstances of each individual are implemented wherever appropriate and some of these schemes include bonuses, children education grants, scholarship, etc.move
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