Union Bank, or Union Bank of Nigeria, was founded in 1917 as Colonial Bank. Its name was changed to Barclays Bank Dominion, Colonial and Overseas in 1925 after it was purchased by Barclays. It was further incorporated as Barclays Bank Nigeria in 1971, and then Union Bank of Nigeria in 1979. It is one of the oldest and most well-respected banks in West Africa and has grown rapidly since the 1990s. The bank became publicly owned in 1993 after both Barclays and the Nigerian government sold their stakes.
Union Bank has been operating in London since 1983. Originally a London branch of Union Bank, Union Bank UK was incorporated as an independent bank in 2004. The bank is focused on providing products and services to customers doing business in Nigeria and other countries in West Africa.
Union Bank Products and Services
Union Bank UK works with both personal and business banking customers. Personal banking services include:
Current accounts available in GBP, USD and Euro
Savings accounts in GBP, USD and Euro
Fixed deposit accounts in GBP, USD and Euro
The bank can also arrange to open domiciliary accounts with Union Bank in Nigeria. These are available in USD or Naira.
For business banking customers Union Bank UK aims to ‘maximise opportunity, minimise risk’. Teams with expertise in both the UK and West Africa are on hand to advise business working in one, the other, or both and offer support tailored to individual business needs. Customers can choose from services including:
Business current accounts in GBP, USD and Euro
Call and fixed rate deposit accounts
International money transfer
Security at Union Bank
Union Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority. The bank also takes part in the Financial Services Compensation Scheme (FSCS), which covers eligible deposits of up to £85,000.