Union  Bank Plc: Brief History And Salary Structures 2023

Union Bank Plc is one of the oldest and biggest financial institutions in Nigeria which had its existence dated back to 1917.

Historically speaking, the bank was known as Barclays Bank (Dominion Colonial and Overseas) resulting from its acquisition by Barclays Bank.

The bank was incorporated as Barclays bank of Nigeria Ltd, following the country’s enactment act of 1968 shortly after Nigeria’s independence.

Between 1971 and 1979, Union bank evolved or went through series of changes, like listing on the Nigerian Stock Exchange and share acquisitions/transfer driven by the Nigerian Enterprises Promotion Acts.

Overtime, the bank had ownership structure in compliance with the Companies and Allied Matters act of 1970 and eventually metamorphosed into what we now have as Union Bank of Nigeria Plc.

In line with the Privatization and commercialization drive policy of 1993, the Federal Government of Nigeria acquired about 51.67% by private investors. With the CBN consolidation policy, Union Bank Plc acquired the former Universal Trust Bank Plc and Broad bank Ltd and absorbed its one time subsidiary.

In 1912, the bank was again recapitalized with an initial injection capital of $500 million by Union Global Partners, a consortium of local and international investors.

By 2014, the last of 65% of the bank share holding AMCON’s remaining 20% stake in the bank was acquired by atlas Mara and today, Union bank is one of the big banks in Nigeria with over 300 branches, over 10 million of customer base across the country.

In this article, we shall bring out Union Bank Plc salary structures for its staff in Nigeria in different categories, the employment opportunities and of course, factors that determine the Bank Salary Structures for their over three thousand payrolls in Nigeria.

By definition, a banker is simply a person who provides financial banking services in a bank.

Basically, there are two types of bank staff namely – a Contract Staff banker and Core Staff banker who is permanent or a regular banker.

1. Contract staff:These are staff who are not permanent with the bank. They can only be permanent or absorbed fully into a particular bank after they have fulfilled certain terms of Contract.
2. Core staff:On the other hand, core staff are those that are employed by the bank. They are permanent and earn even higher than the contract staff. Their contract with the bank can only be cut short where cases of fraud or financial mismanagement have been discovered.

Union Bank Plc Salary Structures 2023:

Below are authentic information about the salaries Union Bank Plc pays to its staff, including Contract Staff, Entry Level Workers, Loan Officer, Credit Analyst, Banking Officer, Senior Banking Officer and Managers.

Contract Staff: The bank pays its contract staff a monthly salary of between N70,000 to N85,000 in the current year, amounting to a yearly take home of about N840,000 to N1 million.

Graduate Trainees: Are those who undergo trainees after which they are given responsibilities in the banking jobs. They earn about N75,000 monthly for the duration period and thereafter upgraded to permanent staff of the bank.

Entry Level Staff: are for fresh graduates from various Nigerian Universities and Polytechnics recruited into the banking services. They earn about N180,000 which amount to about N2 million, excluding other benefits that will improve their salary significantly.

Banking Officers: These categories of staff in Union Bank earn higher. They are considered more experienced and earn about N203,000 which is about N2.4 million yearly, excluding other benefits.

Credit Analysts: With Union bank are well paid. They receive about N300,000 monthly amounting to about N3.6million yearly.

Banking Officers: fall under high level salary scale with a monthly take home of about N400,000 and a yearly sum of N4.8 million.

Senior Banking Officers: Are those staff who must be mentally and physically fit for the job with high level of intelligence. Union Bank pays about N500,000 or more depending on their job description and responsibilities. This amount to about N6 million yearly with other watering benefits attached.

Assistant Managers: are saddled with lots of responsibilities. They earn about N700,000 or more depending on their responsibilities. This amounts to a yearly sum of about N8.4 to N9.6 million.

Managers: Full managers of Union Bank earn fabulous salaries. Deputy managers, Senior managers and principal managers earn very high salary of over a Million monthly with other attractive benefits attached.

From the above-highlighted salary structures, it is obvious that Branch managers strive to meet up with the weight of responsibilities lined up in the bank and they earn much more than logistics officers, excluding mouth-watering benefits and the occasional percentage of the bank’s profit.

In summary, Union Bank Plc has over the years maintained a pace and responding to the dynamic needs of its customers, investors, employees, host communities and other stakeholders in line with the contemporary global financial services as one of the oldest, biggest and reliable banks in Nigeria to reckon with in the global financial system.

The above information provided here regarding the bank’s origin, salary structures for its numerous staff still remain active and job seekers in the categories of graduates who want to work with the bank or move from other sister banks in country should see the information provided here very useful and educative.