In its newly developed and adopted corporate strategy, Union Bank plc strategic ambition is to become a highly respected provider of quality banking services.
The bank’s ambition focuses on six major areas of commitment, which include quality of customer experience, quality of client base, quality of talent, quality of banking platform, quality of professional standards, and quality of the bank’s earnings.
“Last year, we had two important tasks ahead of us – first, to immediately improve the bank’s operations by dealing with existing operational and service challenges, and second, to develop a roadmap to firmly establish Union Bank as a significant player within the Nigerian banking industry. I am pleased to inform you that after months of hard work during which we considered our strength as a bank, our challenges and also the landscape within which we operate, we have emerged with a strategy that will guide the bank for the next three to five years. This strategy has been approved by the board of the Union Bank,” Emeka Emuwa, executive director, said at an interactive session with the media in Lagos.
Established in 1917, and listed on the Nigerian Stock Exchange in the same year, the bank is one of Nigeria’s long standing institutions, with an extensive network of over 300 branches across Nigeria.
Following banking reforms of the Central Bank of Nigeria (CBN) in 2009, the bank in September 2012, concluded a successful recapitalisation process with the injection of $500 million into the bank by Union Global Partners Limited (UGPL) – a consortium of local and international investors.
Strong leadership and the highest standards of corporate governance sit at the heart of the bank’s approach to achievement. Shortly after its recapitalisation, a new board of directors and executive management team were appointed – led by Udoma Udo Udoma, founding partner of the law firm of Udo Udoma & Belo Osagie, and current chairman of UAC of Nigeria plc, and Emeka Emuwa, former managing director of Citibank Nigeria, respectively.
The bank has since embarked on a transformation programme designed to re-establish it as one of Nigeria’s leading financial institutions. The implementation of this transformation agenda began with a focus on a number of critical priority areas, including operations, information technology, risk management and human resources.
In line with the CBN’s regulation 3 on the scope of banking and ancillary matters, and the bank’s plan to focus it resources on core banking functions, the bank in late 2013, commenced the process of divesting its interest in all its subsidiaries and associated companies, with the exception of Union Bank (UK) Limited.
The bank is focused on building on the progress made in 2013, to delivering on its strategic goals, with a resolve towards increasing engagement with its numerous stakeholders.
“As we celebrate our centenary in 2017, we believe that we would have progressed extensively in the achievement of this ambition,” Emuwa said.
