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United Bank for Africa Plc (UBA) 242 views

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    United Bank for Africa Plc (UBA)

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    UBA’s has more than 65 years of providing uninterrupted banking operations dating back to 1948 when the British and French Bank Limited (“BFB”) commenced business in Nigeria. BFB was a subsidiary of Banque Nationale de Crédit (BNCI), Paris, which transformed its London branch into a separate subsidiary called the British and French Bank, with shares held by Banque Nationale de Crédit and two British investment firms, S.G. Warburg and Company and Robert Benson and Company. A year later, BFB opened its offices in Nigeria to break the monopoly of the two existing British owned banks in Nigeria then.

    Following Nigeria’s independence from Britain, UBA was incorporated on 23, February 1961 to take over the business of BFB. UBA eventually listed its shares on the Nigerian Stock Exchange (NSE), in 1970 and became the first Nigerian bank to subsequently undertake an Initial Public Offering (IPO). UBA became the first sub-Saharan bank to take its banking business to North America when it opened its New York Office (USA) in 1984 to offer banking services to Africans in Diaspora.

    Today’s UBA emerged from the merger of then dynamic and fast growing Standard Trust Bank, incorporated in 1990 and UBA, one of the biggest and oldest banks in Nigeria. The merger was consummated on August 1, 2005, one of the biggest mergers done on the Nigerian Stock Exchange (NSE). Following the merger, UBA subsequently went ahead to acquire Continental Trust Bank in the same year, further expanding the UBA brand. UBA subsequently acquired Trade Bank in 2006 which was under liquidation by the Central Bank of Nigeria (CBN).