Page 12 - LKM70

COVER
Pre-merger Logos +
1949
British & French Bank Limited (B&FB) commences business in Nigeria
system of government in which each of the state and local governments needed to inde- pendently execute their development proj- ects, STB was already strategically positioned to provide financial assistance through credit facilities packaged for state and local govern- ments, and secured with Irrevocable Standing Payment Orders (SPOs) tied to the monthly financial allocations of state and local govern- ments from the Federation accounts.
With revenues generated from these public sector accounts, STB was able to scale up its branch expansion drive across the different states whilst also building its retail banking busi- ness and customer base. By the yearend of 1999, STB had become the first Nigerian bank in history to declare annual profits that exceed- ed the billion-naira mark. STB had suddenly become a bank to reckon with.
In 2003, STB got listed on the Nigerian Stock Exchange. The Initial Public Offer was oversub- scribed by 156%, the largest subscription level in the history of Nigeria at the time.
By mid 2004, when the CBN announced a new minimum capital base of N25 billion from the two billion naira it previously was, heralding a consolidation exercise that shook up the bank- ing industry, STB was already the 5th largest bank in Nigeria and was comfortably aiming to hit a N40 billion mark. The consolidation exercise presented an opportunity for growth and the bank began to explore M&A options with the top 3 banks at that time: First Bank, Union Bank, and UBA – the third largest bank in Nigeria.
Post-merger Logo
1961 Incorporation of UBA
1970
UBA becomes first Nigerian bank to make an Initial Public Offering (IPO), following its listing on the Nigerian Stock Exchange (NSE)
1984
New York branch established
PRE-MERGER
2007
Fresh equity capital raised Successfully
UBA Capital (Europe) London opened
2008 - 2010 Acquires majority interest in two banks based in Burkina Faso and Benin
Successfully raises N20bn debt capital
2011 Commences oper- ations in Congo DR and Brazzaville
Successfully raises N35bn debt capital
2012
Wins Financial Times’ Bankers’ Awards for Best overall Bank in Africa, Best Bank in Cameroon and Best Bank in Senegal
2013 Successfully divests from its non-bank subsidiaries and property management business
12 | The Lion King | Commemorative Edition | January - April 2019
KEY MILESTONES