Union Bank of Nigeria Plc Archives - New Mail Nigeria

You can’t escape probe, present yourself for interrogation today – CBN investigator tells Lemu

Adebari Oguntoye — Thu, 28 Dec 2023 03:41:52 +0000

The Special CBN Investigator, Jim Obazee has said that the chairman of Titan Trust Bank (TTB), Babatunde Lemo must appear before his panel on Thursday, December 28, in connection with the acquisition of Union Bank of Nigeria Plc by TTB.

A letter signed by the head of operations, office of the special investigator, DCP El Ho Okpozia, on Wednesday, December 27, warned Lemu against violating the summoning order to avoid dire consequences.

Okpozia stated that the special investigator was fully aware that Lemu was in the United Kingdom to celebrate his birthday, despite his acknowledgement of the meeting scheduled for Thursday, December 28.

Tunde Lemo

However, Okpozia noted that excuses by Lemu’s lawyers won’t be accepted, saying that they would be regarded as obstruction by the Special Investigator in the course of his duties.

The investigation team also highlighted that neither Lemo nor the implicated individuals, Cornelius Vink and Rahul Savara, had submitted requested documents related to the purported ownership of Titan Trust Bank and Union Bank of Nigeria.

The investigator emphasized the necessity for the trio to present themselves and provide the required documentation during the meeting.

He stated that documents submitted through proxies would not be accepted.

The letter read: “Reference is made to the Law Firm of G.ELIAS letter dated 27th December 2023 in response to the Special Investigator’s invitation to you via a letter with reference number CR:3000/TSI/ ABJ/VOL.1 / 69 dated 24th December 2023 in respect of the above subject.

“I am directed to inform you that the Special Investigator is fully aware that you are in the United Kingdom to celebrate your birthday. This you made aware to the Special Investigator when you agreed to attend a meeting to be scheduled for 28th December 2023 and also proposed that Mr. Cornelius Vink and Rahul Savara be given 7 (seven) days to prove their purported ownership of Titan Trust Bank and Union Bank of Nigeria or forfeit the shares to the Federal Government of Nigeria. Accordingly, this excuse given by your good selves through your lawyers is unacceptable and regarded as obstruction of the Special Investigator in the course of his duties.

“We want to put it on record that neither you (Babatunde Lemo) nor Cornelius Vink nor Rahul Savara ever submitted any of these requested documents to the investigating team at the Department of State Service (DSS) or anywhere else before now. In fact, Cornelius Vink and Rahul Savara have never presented themselves to the Special Investigator since 28th August 2023 when they were first invited for an interview.

“The Special Investigator also directs that you should be informed that documents submitted through proxies shall not be accepted as Mr. Cornelius Vink, Mr. Rahul Savara, and your good self will be required to speak to whatever document(s)/information you present during the meeting.

“Consequently, I am to further inform you that your invitation to appear before the Special Investigator on 28th December, 2023 by 2 pm prompt in respect of the matter under investigation and for which you had earlier made statement; stands.

“Kindly note that the conditions on paragraphs 6 to 8 in our earlier letter to you with reference number CR:3000/TSI/ ABJ/VOL. 1/69 dated 24th December 2023 remains effective and shall be triggered if you or Messrs Vink and Savara fail to attend the meeting as scheduled. Accept please, the warm assurances of the Special Investigator’s high esteem.”

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TTB/Union Bank: A call for transparency by investigators

Azuh Amatus — Tue, 26 Dec 2023 19:33:51 +0000

In the last three days, we have seen a storm of allegations regarding the ownership of Titan Trust Bank Limited (TTB) and Union Bank of Nigeria Plc (“Union Bank”), and this has captured public attention. These claims, reportedly stemming from a report submitted to the President by a Special Investigator, Mr Jim Obaze, have initiated a critical discussion around transparency. However, the lack of access to the report begs for an open dialogue to clarify the unfolding narrative.

The core accusation revolves around the former Central Bank Governor’s alleged use of intermediaries in acquiring Union Bank and doubts about whether Titan Bank met the reported purchase price. To understand the gravity of these claims, it’s imperative to grasp the financial magnitude of the investors steering these banks.

TGI Group, with assets exceeding ₦3.75 trillion and 2022 revenues surpassing ₦1.74 trillion, emerges as a financial powerhouse. To underscore this, the sale of its subsidiary “Chivita” to Coca-Cola Group companies in 2020 for more than USD 500 million, a figure nearly three times the alleged equity element in the Union Bank acquisition, speaks volumes about the group’s financial robustness. TGI Group’s financial resilience, underscored by concrete figures, paints a picture of stability.

Contrary to these allegations, documents availed necessary parties indicate that payment for Union Bank shares was indeed made, raising questions about the accuracy of claims suggesting non-payment and highlighting the importance of verifying such financial transactions. Titan Trust Bank’s chairman, Mr Tunde Lemo, has strongly refuted the allegations made by the special investigator, providing details and names that can confirm the transparency and integrity of the transaction. Drawing parallels, it’s akin to questioning a transaction’s legitimacy while the receipts stand as concrete evidence.

The news of Mr. Lemo being summoned by the special investigator once again has been making waves in the business community. The investigator has written a letter in reaction to the rebuttal made by Titan Trust Bank. The letter stated that Mr Lemo and TTB’s rebuttals were offensive.

The letter is filled with many allegations, and it has raised questions about the independence and bias of the investigation. Many wonder whether Mr Obaze is singling out Mr Lemo for unknown offences or if the investigation is truly unbiased and objective.

It is important to note that Mr. Lemo is a respected figure in the business community, and many have lauded his efforts. He has always been known for his dedication and hard work. Therefore, the allegations made against him have come as a surprise to many.

The scrutiny extends to Luxis and Magna, the UAE-based holding companies accused of lacking a physical presence in Dubai. Yet, in the global business landscape, such corporate structures are commonplace. TGI’s financial fortitude backing these entities accentuates their credibility, emphasising the need for context in evaluating business practices. TGI, in its statement, categorically affirmed that “the entire transaction was managed by highly reputed global financial institutions, including Rothschild and Citibank. And like most major acquisitions, the process took years to complete. A USD 300 million loan was sourced from the African Export-Import Bank (Afrexim), and the rest of the capital was sourced from the proceeds of TGI’s sales of its Chi Ltd business to Coca-Cola, all to finance the acquisition of Union Bank.”

Another layer to the controversy involves a “mysterious shareholder” supposedly providing interest-free long-term loans. Examination of the financial records reveals that these loans were granted within the TGI Group, illustrating a standard business practice. Parallels can be drawn to global corporate scenarios, where loans within a closely-knit business ecosystem are considered normal.

The allegations surrounding Mr. Cornelius Vink, the founder of TGI Group, necessitate a balanced perspective. As a distinguished Dutch national, his cooperation in providing requested documents to the investigator showcases a commitment to transparency. Analogously, it mirrors other reputable figures in international business who willingly subject themselves to scrutiny.

Turning our attention to the alleged recommendation for the government to take over Union Bank, the financial stability of Union Bank and Titan Bank, coupled with the investigator’s apparent lack of statutory powers for such recommendations, raises questions about the credibility of this assertion. It’s akin to questioning the legitimacy of a referee’s call beyond the established rules of the game. Mr Obaze lacks the necessary statutory powers to make such calls and appears once again to be arrogating powers to himself that are not legal. Perhaps we should remember and question his many ‘allegations’ against corporate entities and individuals that were just him bloviating.

Amidst this uncertainty, the call for transparency echoes louder. TGI Group’s financial resilience, fortified by concrete evidence, underscores the importance of a candid dialogue to address the swirling allegations surrounding the Union Bank/Titan Trust Bank transaction. The figures presented and the parallels drawn serve as signposts guiding the need for clarity in this complex financial tapestry.

The business community eagerly awaits the outcome of this investigation and hopes the truth will come out. Until then, these questions must be answered.

1. Why did the Special Investigator go to the media instead of taking the usual investigative or legal route?

2. Is this an attempt to create negative publicity for the Banks, TGI and personalities involved without presenting any evidence?

3. If the Special Investigator believes that Mr Godwin Emefiele owns the bank as he has alleged, why hasn’t he provided any evidence after such a lengthy investigation?

4. Why is he specifically targeting and harassing legitimate business owners and professionals?

5. Is the Special Investigator suggesting that the government is willing to face significant consequences by seizing private investments, especially when the nation is actively trying to attract foreign investments?

It is prudent for Mr Obaze to remember that rather than this media trial that he has embarked on, “affirmanti non neganti incumbit probation” – the burden of proof lies on him, who asserts.

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Eight banks fall below CBN’s Capital Adequacy Ratio threshold

Adebari Oguntoye — Thu, 07 Dec 2023 00:03:29 +0000

A recent stress test by the Central Bank of Nigeria (CBN) has uncovered a concerning revelation on the Capital Adequacy Ratio (CAR) among prominent Deposit Money Banks (DMBs) holding international authorisation.

The banks mentioned in the CBN’s quarterly economic report are: Access Bank Plc, Fidelity Bank Plc, First City Monument Bank Limited, First Bank of Nigeria Limited, Guaranty Trust Holding Company Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc and Zenith Bank Plc.

They were scrutinised based on their capital strength and risk profile, a crucial measure of a bank’s financial stability.

The stress test was conducted to assess the banks’ financial health and ability to withstand adverse economic conditions or shocks.

The test specifically focused on the capital adequacy ratio (CAR), which measures the proportion of a bank’s capital to its risk-weighted assets and is used to determine the bank’s financial stability.

The CAR is a regulatory requirement set by the CBN and each bank is expected to maintain a minimum level of capital to ensure their ability to absorb potential losses.

Based on the results of the stress test, it has been revealed that among the eight banks with international authorisation, their capital adequacy ratio is lower than the minimum regulatory requirement set by the CBN.

This implies that these banks may have insufficient capital to meet potential losses during challenging economic conditions, which could potentially impact their overall financial stability.

The CBN’s revelation of the banks’ CAR falling below the minimum regulatory requirement highlights a concern regarding the financial strength of these banks and emphasizes the need for appropriate measures to be taken to address this issue.

It could prompt regulatory action such as requiring the affected banks to raise additional capital or implement strategies to strengthen their financial position, to mitigate any potential risks to the banking sector and overall economy.

The CBN’s 2021 guideline mandated banks to maintain a prudential Capital Adequacy Ratio of 10 per cent for National and Regional Banks, while banks with international authorisation were instructed to uphold a 15 per cent regulatory Capital Adequacy Ratio.

However, the recent report highlights a decline in the banking system’s Capital Adequacy Ratio, dropping by 3.0 percentage points to 11.2 per cent, notably below the 15.0 per cent threshold set for banks with international authorisation.

This decline in the banks’ CAR was attributed to a decrease in total qualifying capital relative to increased risk-weighted assets due to the naira’s depreciation following the adoption of a market-determined exchange rate policy. This reflects the challenges faced by these institutions.

The depreciation, stemming from the CBN’s managed float of the exchange rate in June 2023, significantly impacted banks, leading to substantial foreign exchange losses and affecting the required capital for international, national, and regional banks.

Speaking at the Chartered Institute of Bankers of Nigeria’s annual dinner, CBN Governor Olayemi Cardoso highlighted plans to introduce new capital requirements for banks.

Cardoso emphasised the industry’s strength under mild to moderate stress scenarios, as indicated by a stress test conducted on the banking sector.

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Union Bank sells UK subsidiary

Kayode Ogundele — Tue, 28 Jan 2020 21:11:20 +0000

Union Bank of Nigeria (UBN) Plc has entered a share sale and purchase agreement to divest its 100 per cent equity stake in its United Kingdom (UK) subsidiary, Union Bank UK (UBUK) Plc.

In a regulatory filing just released at the Nigerian Stock Exchange (NSE), the board of Union Bank stated that the sale was in line with the bank’s strategy to geographically streamline its business operations to focus on growth opportunities in Nigeria.

According to the bank, following a competitive bid process, MBU BidCo Limited (MBU), an acquisition vehicle wholly owned by MBU Capital Limited (MBU Capital), was selected as the preferred bidder. The completion of the sale is however still subject to regulatory approvals from the relevant regulatory authorities in Nigeria and the UK.

MBU Capital is an investment management firm founded in 2013 and based in Mayfair, London. MBU Capital has active interests in financial services, healthcare, education, real estate and technology. MBU Capital (UK) LLP is authorised and regulated by the Financial Conduct Authority.

Chief Executive Officer, Union Bank of Nigeria (UBN) Plc, Emeka Emuwa said the bank decided that as the banking landscape shifts towards digital and agency banking to drive financial inclusion, the Nigerian market presents robust long-term opportunities for it.

He pointed out that the divestment allows the bank to channel its focus and capital towards mining the Nigerian opportunities fully.

“Through the sale, we are better positioned to deliver greater value to the organisation and its stakeholders as well as continue to build the future of banking in Nigeria.

“The terms of the sale of UBUK delivers substantial value to our shareholders, while also entrusting its customers and trading partners to a high-quality financial services institution which will work with existing management to deliver a stronger and more profitable entity,” Emuwa said.

Founder and Chief Executive Officer, MBU Capital, Mohammed Iqbal said the investment group was delighted with the acquisition, describing it as a huge opportunity to build on UBUK’s strengths in international markets to create a new-style bank which is focused on the needs of UK and international SMEs and entrepreneurs.

According to him, many customers are seeking a bank which truly understands the needs of entrepreneurial, fast-growing businesses.

“We believe that our acquisition and vision for UBUK offers the potential for significant growth for the bank. We look forward to working with our new colleagues at UBUK to continue to service the needs of its clients. We also look forward to sustaining and deepening relationships with UBUK’s existing trading partners,” Iqbal said.

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Union Bank posts profit before tax of N15.7bn in 2016

Kayode Ogundele — Fri, 31 Mar 2017 21:25:57 +0000

Union Bank of Nigeria Plc. has announced a profit before tax of N15.7 billion for the financial year ended Dec. 31, 2016.

In its audited result statement issued on Friday in Lagos, the bank’s profit increased by about N800 million from the N14.9 billion posted in the preceding period of 2015.

Its gross earnings went up by eight per cent to ₦126.6 billion, compared with ₦117.2 billion in 2015.

According to the statement, interest income also appreciated by eight per cent to ₦98.0 billion in contrast with ₦90.9 billion in 2015.

It stated that the interest income was driven by loan book growth and improved bank asset yields.

The statement added that interest expense dropped by six per cent to ₦33 billion as against ₦35.2 billion achieved in 2015 due to improved customer funding base; less reliance on expensive interbank funding.

It added that the strategy led to drop in core cost of funds to 5.23 per cent during the period under review from 6.64 per cent in 2015.

The bank’s net revenue before impairment grew by14 per cent to ₦93.6 billion in contrast with ₦81.9 billion in 2015.

The statement said that the bank would launch a rights issue in the second quarter of 2017 to raise up to N50 billion in Tier 1 capitals to accelerate business growth and position as a leading commercial bank in Nigeria.

It added that the additional funding would also allow the bank to maintain compliance with regulatory capital requirements.

Commenting on the results, Emeka Emuwa, the bank’s Chief Executive Officer, attributed the growth to aggressive strategies embarked upon by the company.

“In 2016, we focused on executing our priorities across the different business segments, especially in the retail space, with an aggressive strategy to increase adoption of our alternate channels.

“Our success in this area, along with improved core interest earnings, contributed to pre-tax profit growth of six per cent, compared with 2015.

“Our research led product development strategy, coupled with an up skilled sales force and targeted marketing campaigns, propelled our customer deposit base by 15 per cent,’’ Emuwa said.

”

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Union Bank unveils four new-look branches in Lagos

Kayode Ogundele — Thu, 17 Dec 2015 20:23:58 +0000

Union Bank of Nigeria Plc has unveiled four of its recently redesigned and more modern 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 is 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 Group Managing Director/Chief Executive Officer of the bank, Emeka Emuwa, noted that the new-look was in line with the bank’s rebranding objectives.

“This is aligned with the new Union Bank brand identity that we launched six weeks ago.

“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,” Emuwa explained.

The Union Bank boss boss 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 that “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.

“The last two years have been quite eventful. We spent a lot of time strategizing, not just about what it is that we are trying to do as a bank, but also reinventing and reimaging ourselves.

“Now, we have our mobile platforms, we have our channels; those are open 24/7. Yes, we have the physical branches, but we are not open every time. But through the mobile channels, you can get to us at anytime of the day or week. So, we encourage you to use the mobile channels, just as you use the physical ones.,” he said.

Also, a customer of the bank, who is a Director at Vesa Fisheries, Edosa Aburime, said his firm which has been in fish business for more than 30 years, with so much support from Union Bank.

“I just want to say two things about Union Bank. We’ve been in the fish business for more than thirty years, and we wanted to expand again in 2011. We went to a couple of banks, and they all said fish is a perishable good, and that they don’t want to touch it.
So, we went to Union Bank.

“To be honest, the first time I went to the bank, the person closest to me in age was five years older than me. But now, I can see that I’m older than a lot of people in the bank. It’s been a very good relationship with the bank and the service has been very satisfactory,” he added.

Also, another customer of the bank, who is the past president, Lagos Country Club, Chief Olayinka Ogunmekan, said his interaction with Union Bank started in 1967, saying that up till date he still banks with the commercial bank.

“I don’t have any regrets. I can tell you that I met my wife in Union Bank and I don’t have any regrets. Union Bank and Lagos Country Club have been one. At the Ikeja branch, they’ve been very fantastic. Union Bank is actually moving, and they are moving fast,” Ogunmekan added.

According to the Executive Director, Commercial Banking, Union Bank, Kunle Sonola, the bank has been re-positioned to a new generation bank, adding that the bank has really moved significantly forward from what it used to be before.

“We have re-positioned the bank and I must say our branches have been rebuilt for comfort and convenient. We have redesigned our environment for customers need,” he added.

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Odu replaces Udo Udoma as Union Bank board chairman

Kayode Ogundele — Thu, 26 Nov 2015 20:59:47 +0000

Union Bank of Nigeria Plc has appointed 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.

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 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.”

“We are very pleased as 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.”

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.

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Union Bank rebrands, unveils new logo

Kayode Ogundele — Thu, 29 Oct 2015 21:49:56 +0000

In line with the change mantra pervading the corporate and political landscape in Nigeria, Union Bank of Nigeria Plc has unveiled a new brand identity.

The refreshed brand which was unveiled at a spectacular launch event in Onikan Stadium, Lagos, is in line with Union Bank’s strategic ambition to become a highly respected provider of quality financial services in Nigeria.

Speaking at the unveiling of the new identity, the Chief Executive Officer and Managing Director of Union Bank, 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.”

Chairman of Union Bank, Sen. 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 continue succeed as it embarks on a new phase with a refreshed brand identity.”

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 Union Bank’s new logo.

Speaking about 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 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,” she concluded.

It will be recalled that 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 reengineering its work force.

During this time, Union Bank has rolled out a new banking platform, Oracle FlexcubeUBS 12.0, and launched Smarter Banking Centers targeted at the technology savvy customers looking for convenient banking service.

The bank has also built a state of the art data center and a new Central Processing Center to streamline its branch operations and enhance customer service.

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Union Bank recovers N3.5bn loans in six months

Semiu Salami — Thu, 31 Jul 2014 09:25:44 +0000

Union Bank of Nigeria Plc says it has recovered N3.5 billion loans in the first half of 2014, showing a significant improvement compared to the N1.5 billion recovered in the corresponding period of 2013.

The Chief Financial Officer of Union Bank, Oyinkan Adewale said that the improvement resulted from bank’s aggressively focused on recoveries, adding that the bank is also focused on driving business in key sectors of the economy.

Union Bank grew its loan book by 55 per cent in the first half of year, to N239 billion. “The Bank’s loan book continues to grow, as we focus on driving business in key sectors of the economy, including oil & gas and manufacturing. Loans are up 55 per cent compared to same period for June 2013,” she said.

Adewale disclosed that Union Bank has so far successfully completed the sale of four subsidiaries, with two other divestments almost completed, in compliance with Central Bank of Nigeria’s regulation three and in line with the strategy to focus on core banking activities.”

Union Bank last week released its unaudited financial results for the six months ended 30 June 2014, prepared on the basis of International Financial Reporting Standards (IFRS).

Group Managing Director and Chief Executive of Union Bank, Emeka Emuwa, said that “The second quarter of the year saw the continued implementation of our transformation initiatives, which are delivering results.

“The bank continues to invest heavily in its technology infrastructure to enhance operations and customer service delivery; to date, all branch links have been upgraded to fibre optic connections.

“The bank also continues to invest in people, hiring into key strategic senior roles. Notwithstanding the significant investments made in these areas, Union Bank maintained strong underlying performance and sustainable profitability.

“We remain focused on our long term strategic priority of ensuring banking becomes simpler for all our clients, whether retail, corporate or commercial.”

Details of the results showed that Union Bank recorded gross earnings of N49.6 billion gross earnings in first half of 2014, compared with N56.2 billion in 2013.

The bank ended the period with a profit before tax of N6.5 billion and profit after tax of N6.3 billion as against N9.8 billion and N9.4 billion respectively in the corresponding period of 2013.

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