NIGERIA: Union Bank’s 5-Year Growth Strategy

Union Bank Nigeria Plc has unveiled a five-year strategic plan that will see the bank becoming a highly respected provider of quality banking services.
The 5-year strategic plan is expected to indicate what, where and how to play in the market. The strategic plan will also strive to improve the bank’s quality of customer experience, quality of its clients, as well as quality of its talent.
Other areas of improvement are quality of its banking platform, quality of its professional services and quality of its earnings.
The Group Managing Director/Chief Executive Officer of the bank, Mr. Emeka  Emuwa who said this, specifically explained that the bank’s strategic ambition would focus on six areas.
He listed these areas to include “quality of customer experience; quality of client base; quality of talent; quality of banking platform; quality of professional standards and quality of earnings.”
He recalled that last year, the bank was faced with two important tasks. First, according to him, was to immediately improve the its  operations by dealing with existing operational and service challenges, and second was to develop a roadmap to firmly establish Union bank as significant player within the Nigerian banking industry.
According to Emuwa, after months of hard work during, which Union Bank considered its strength, challenges and also the landscape within which it operates, it emerged with the strategy that would guide the bank for the next three to five years.
The strategy, according to him, has been approved by the board of Union bank.
The Union Bank boss said the lender remains focused on building on the progress it made in 2013.
“One of such was the launch of bank of the future branch in Lagos as well as rolling out over 300 Automated Teller Machines (ATMs),” he said, adding that “the bank may not open new branches but roll out future branch model of the bank that would offer convenient banking activities while additionally 300 ATMs will be installed this year in 338 branches of the bank nationwide.”
On the speculation in the market that Union Bank was going to raise fresh capital, Emuwa said the bank has sufficient capital to fund its restructuring and expansion and will not be seeking further capital in the near to medium term.
He said the bank will use electronic channels to expand its retail banking business in Nigeria, while focusing on cost reducing measures so as to remain efficient.

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