A Review On Union Bank of Nigeria

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The bank is a business entity in the financial sector whose activities are to attract and collect money in the community to improve people's lives.

There is one type of bank, namely a commercial bank which has two basic tasks as follows.
Raising money from the public. Money in the community is collected by commercial banks in the form of savings. The money that has been saved in this bank's savings will be more secure so that people don't have to worry about losing money.
Lending money to the public. After being deposited in a savings account, the money can be withdrawn at any time by the commercial bank customer if needed. In addition, money can also be withdrawn from the bank in the form of a loan to be returned as agreed.

The function of the bank is to provide bank services, such as transfers to facilitate sending money from one area to another. In addition, payment or purchase services make it easier for the community. For example, payment of electricity or telephone bills.

Banks are also needed in terms of international transactions. The distance factor and monetary policy between two different countries usually make international transactions difficult. With the existence of a bank, it will make the settlement of international transactions easier. Banks are able to ensure smooth operation through foreign currency exchange services or international transactions.

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Banking functions are divided into two, namely: Bank function in general Banks collect public funds and channel them back to the public for various purposes, otherwise known as Financial Intermediary.

Bank functions in particular Here the function of a bank is divided into three, namely:

Agent of trust Bank
brings trust, is considered an institution that relies on trust as the key and main basis for banking activities. This trust is related to all operations involving the interests of customers. People entrusting funds with the bank means they already have confidence in this financial institution. Trust is with the aim, the public as customers can withdraw money at any time without problems, without any fear of bankruptcy

Agent of development
This is because banks are able to provide activities that encourage people to invest, distribute, consume, or services using money as the medium. All banking activities will affect community economic development. The real and monetary sectors are two sectors that influence each other. If one is not good, then one of them is also not good

Agent of service
Bank offers a variety of financial services, such as deposit services, lending, and others. Here the bank is a collector of public funds aimed at the community, so the services offered must be related to the economic activities of the community.

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Union Bank of Nigeria

Union Bank of Nigeria Plc is a commercial bank in Nigeria. It has been operating in Nigeria since 1917.Overview
Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of Mar 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$4.1billion). The shareholders' equity at that time was estimated at NGN286 billion (US$851 million).

Overview:

Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of Mar 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$4.1billion). The shareholders' equity at that time was estimated at NGN286 billion (US$851 million).

History:

The bank's history can be traced to 1836 when London bankers and British merchants obtained a royal charter from William IV to conduct banking business in the Caribbean. These group of investors then formed Colonial Bank. Following an act of parliament empowering the bank to open more branches beyond the Caribbean, Colonial bank began operations in Nigeria in 1917. Operations started with banking centers in Lagos, Jos and Port-Harcourt. Further centers were opened in financially important areas, in 1918, the bank opened additional centers at Ebute-Metta, Onitsha, Ibadan, Kano and Zaria and then added another branch at Burutu in 1921.During this time, Colonial's banking activities also covered other cities in British West Africa including Accra and Freetown. In 1925, Barclays Bank acquired Colonial Bank, changing the bank's name to Barclays Bank (Dominion, Colonial and Overseas) and later Barclays Bank (DCO). During the period between 1925 and 1950, commercial expansion was hampered by the Great Depression and World War II, though the bank continued to operate steadily opening a few branches but also closing some branches. In the 1950s, the bank increased operations in Nigeria and by the beginning of 1960 it had a total of 41 branches.