GODWIN A. T.
OBOH: Big, strong, reliable banker
At a time when many
banks in the country are choking under the stress of competition
and hard economic realities, Union Bank of Nigeria Plc has
continued to raise its head above turbulent waters.
There is no gainsaying the fact that the bank remains the
clear leader and invariably, the bankers’ choice.
Twice within the last three years, the bank, which
commenced business in 1917, has won the coveted ‘Banker’s
Award’, instituted by Financial Times of London, as the number
one bank in
Nigeria
. The
award itself symbolises the operations and performance of banks,
both at national and international levels.
Union Bank of Nigeria Plc, with its big, strong and
reliable approach to banking, signified this international
reputation that has endeared it to global limelight. Just as its
recognition continues to move sky-bound, the figures are also in
tow.
Its decision to raise
N14 billion, through rights issue, attests to this, among others.
Total assets for the bank as at the end of 2001 stood at
N214 billion. For its
deposits, it is simply amiable at N170.977 billion.
The bank also maintains the highest number of branches, all
information technology driven
Mr. Godwin Oboh, Union
Bank of Nigeria Plc’s chief executive officer, is propelled and
continues to be launched by the structures, strategies and tactful
pace-setting initiatives put in place in the bank by the able
management team which he leads.
The Bank prides itself
with prime products like Union e-Link, Union Value card, Telephone
banking and State of the art technological infrastructures, like
its automated teller machines, which it hopes to increase to 200
next year to speed up transactions.
Surely, the haven of
Nigeria
’s future banking resides in Union Bank of
Nigeria Plc.
In keeping with the
tradition that required quoted companies to disclose the facts
behind their financial statement, Union Bank of Nigeria Plc,
thrilled investors at the Nigerian Stock Exchange with facts as
they explain their strategies, gains, losses and future plans.
Despite the volatility in the money market and weak real
sector, the operating environment was favourable for banking
business as most economic indices, including crude oil price,
remained relatively steady last year.
Without pretences, the figures presented by Union bank
speak for themselves.
The introduction of the
Universal Banking has also widened the horizon for profit making,
even as cost increased in some aspects.
The reports of the bank’s subsidiaries attest to this
fact. Union bank’s
strategic moves were based on its pet project code named
“Stallion 2000” directed at repositioning the bank to emerge
as a major player in the international financial market in line
with the on-going globalization.
The project entails the definition and execution of
specific strategies to engender fundamental changes in all aspects
of the bank’s position as well as transform it into the de facto
financial industry.
The capital adequacy of
the bank which stood at 14.4 percent as at
March 31, 2001
, is far above the 8 percent recommended by the
Bank for International Settlement (BLS) and the Central Bank of
Nigeria (CBN), gave the financial institution an added impetus to
back up lending and ensure public trust and customer confidence.
Union Bank of Nigeria
Plc believes very much in supporting the real sector of the
Nigeria
economy and last year, it set aside N700
million being 10 percent of the profit before tax for the
financing of small and medium scale industries (SMEs).
Union Bank pays good dividends to its shareholders and that
has accounted for the very good performance of their shares in the
Stock market on a daily basis.
Newswatch Special Feature, Friday, 15 November 2002
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