Are you curious about knowing the history of the UBA bank in Nigeria?
Do you ever ask yourself how things were before the establishment of the UBA bank or any other bank in the world?
Are you still asking yourself how people used to save their money back when there were no banks?
Do not be moved, and I will take you through various and different stages of how the UBA bank came to be where it is right now.
Read through this article to get a glimpse of the history of the UBA bank in Nigeria.
What Is The Origin, Foundation Of The UBA Bank In Nigeria, And How It Began?
The UBA bank has done boundless work to provide outstanding services to all African individuals.
In the year 1948, The British and French Bank Limited (BFB) began its business in Nigeria, and as the years went by, it attracted many people from different parts of the country.
The BFB was a subsidiary of Banque Nationale de Credit (BNCI) located in Paris, France, which later transformed its London branch into a different branch now called the BFB.
After Nigeria got its independence, UBA bank was established on 23rd February in 1961, taking over the BFB.
And in 1970, UBA listed its shares on the Nigerian stock exchange, and amazingly it became the FirstBank in Nigeria to undertake Initial Public Offering (IPO).
In the year 1990, UBA emerged from the radical and dynamic growth from Standard Trust Bank, and the merge was completed on 1st august 2005.
it is one of the oldest banks in Nigeria. Later on, UBA bank acquired Continental Trust bank in the same year and 2006, it also received Trade bank, which was under bankruptcy by the Central Bank of Nigeria.
More And More Acquisitions And Public Offering In The Year 2007 To 2008
UBA acquired three banks declared bankrupt, namely City Express Bank, Metropolitan Bank, and African Express Bank.
The Bank was gaining more customers and popularity among the African countries.
UBA also acquired Afrinvest UK and rebranded it to UBA Capital UK.
The UBA bank continued building a solid domestic and African brand which increased in 2008 when it made more acquisitions of the Gulf Bank and Liberty Bank, which were declared bankrupt by CBN.
When Did UBA Bank Start Establishing Its Subsidiaries In Africa And Beyond?
Since the year 2008, The UBA bank has continued to establish its footprint in other African countries.
UBA has 20 subsidiaries in Africa, and the following are some of the countries where UBA has its subsidiaries; Cameroon, Cote d’Ivoire, Uganda, Kenya, Sierra Leone, Liberia, etc.
UBA also acquired 51% interest in Bank Internationale du Burkina Faso, the largest Bank in that country with a 40% market share.
UBA bank has also made its establishments in other countries outside Africa, including the United States of America (USA), the United Kingdom (UK), and France.