Union Bank confirms Beatrice Bassey as its Board of Directors chairman

NIGERIA – Union Bank of Nigeria (Plc) has announced the confirmation of Mrs Beatrice Hamza Bassey as the Chairman Board of Directors of the bank, by the Central Bank. This follows her initial appointment by the board as the acting Chairman in December 2019after the death of the former Chairman of the Bank, Cyril Odu, in September 2019. Mrs Beatrice Hamza Bassey joined the Board of Union Bank as a Non-Executive Director in 2015. She is currently the General Counsel and Chief Compliance Officer at Atlas Mara Limited, a publicly…

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Union Bank records 12% profit before tax for the first quarter of 2021

NIGERIA – Union Bank, a commercial bank, has announced that its profit before tax rose by 12 per cent to N6.9 billion (US$18.13m) as of the end of the first quarter of 2021 from N6.2 billion (US$16.29m) in the corresponding period of 2020 driven by higher non-interest income and lower operating expenses. According to a statement by the company, its gross earnings was down by 15 per cent to N36.4 billion (US$95.66m) in the period under review from N42.6 billion in Q1, 2020, due to lower interest environment in the Nigeria financial…

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Nigeria’s Union Bank secures a US$40m finance guarantee facility from IFC to boost trade finance

NIGERIA – Union Bank, one of Nigeria’s leading commercial banks, has secured a US$40 million finance guarantee facility from IFC- a member of the World Bank Group-to boost access to finance for local business. As a result of the transaction, Union Bank also gained access to IFC’s Global Trade Finance Program – a platform that promotes international trade by leveraging the financial resources of its huge network of banks. IFC in a statement said that the finance guarantee facility will stimulate increased international trade in Nigeria and help protect the…

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Nigeria’s Union Bank appoints Emeka Ogbechie and Paul Kokoricha as non-executive directors

NIGERIA – Union Bank of Nigeria Plc, one of the leading commercial banks in Nigeria, has announced the appointment Mr Emeka Anthony Ogbechie and Mr Paul Kokoricha as Non-Executive Directors. Their appointment comes at a time when the Covid-19 pandemic is taking its toll on the Bank’s operations, significantly affecting its revenues. In the first half of the year, Union Bank made a profit of US$27.90 million, 9% year-on-year decline when compared to the US$31.03 million posted in 2019. In a disclosure notification to the Nigerian Stock Exchange (NSE), Union…

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Nigeria’s Union Bank posts 10% rise in half year revenues despite of COVID-19 crisis

NIGERIA – Union Bank Plc, one of Nigeria’s leading commercial banks, has reported a 10% rise in gross earning for the half-year ended June 30, 2020 despite operating in a tough economic environment characterized by the COVID-19 economic and health crisis. Union bank’s gross earnings rose to N79.9bn (US$ 206.05 million) from N72.4bn (US$ 186.71 million) in H1 2019, driven by an increase in earning assets. The Nigerian commercial bank also reported a profit before tax of N11.3bn (US$29.14 million) a slight improvement compared to the N11.2bn (US$28.88 million) posted…

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