Our History

UBA has more than 65 years of providing uninterrupted banking operations, dating back to 1948 when the British and French Bank Limited (BFB) commenced business in Nigeria.

Learn about our origins, foundations and beginnings

Since its founding in 1948, UBA has been serving the households, businesses and communities of Africa. We’re happy to have spent over 65 years of providing the best services to our customers.

1948

Founding

1948 The British and French Bank Limited (BFB) commenced business in Nigeria. BFB was a subsidiary of Banque Nationale de Crédit (BNCI), Paris, which transformed its London branch into a separate subsidiary called the British and French Bank, with shares held by Banque Nationale de Crédit and two British investment firms, S.G. Warburg and Company and Robert Benson and Company.

1961

Incorporation

Following Nigeria’s independence from Britain, UBA was incorporated on 23rd, February 1961 to take over the business of BFB. UBA eventually listed its shares on the Nigerian Stock Exchange (NSE).

1970

IPO

UBA eventually listed its shares on the Nigerian Stock Exchange (NSE), in 1970, and became the first Nigerian bank to subsequently undertake an Initial Public Offering (IPO).

1990-2006

Mergers

Today’s UBA emerged from the merger of the dynamic and fast growing Standard Trust Bank, incorporated in 1990 and UBA, one of the biggest and oldest banks in Nigeria. The merger was consummated on August 1, 2005; one of the biggest mergers done on the Nigerian Stock Exchange (NSE). Following that merger, UBA went ahead to acquire Continental Trust Bank in the same year, further expanding the UBA brand. UBA also subsequently acquired Trade Bank in 2006 which was under liquidation by the Central Bank of Nigeria (CBN).

2007-2008

Public offering and further Acquisitions

UBA had another successful combined public offering and rights issue in 2007 and made further banking acquisitions of three liquidated banks namely: City Express Bank, Metropolitan Bank, and African Express Bank.

The bank also acquired Afrinvest UK, rebranding it UBA Capital, UK. The quest to build a strong domestic and African brand intensified in 2008 when UBA made further acquisitions of two liquidated banks, Gulf Bank and Liberty Bank.

2008-Present

Establishment of Subsidiaries

UBA has been intensifying its African footprint with the establishment of UBA Cameroon, UBA Cote d’Ivoire, UBA Uganda, UBA Sierra Leone, and UBA Liberia as well as the acquisition of a 51% interest in Banque Internationale du Burkina Faso, which was the largest bank in the country with 40% market share. Currently, UBA has 18 African subsidiaries, contributing about 20% of the Group’s balance sheet, with a target of contributing 50%.