Stockbrokers pick holes in Union Bank’s operations

Stockbrokers pick holes in Union Bank’s operations

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Emuwa

Stockbrokers and some members of the investing public have scolded the management of Union Bank Plc over what they describe as its outdated banking operations.

A stockbroker, Mr. Akindele Ogunjobi, blamed the dwindling performance of the financial institution on its inability to do banking operations differently.

“Many banks are noted for their strength and status, such as efficient customer service delivery, Information and Technology initiatives, grassroots banking, and Small and Medium Enterprises- oriented scheme, which enable the banking public to identify with them. But where is Union Bank in terms of strength and focus?” he queried.

Similarly, some shareholders of the bank complained over non-payment of dividend by the financial institution after it declared N15.7 billion profit at the end of its 2016 financial
year.

A former Chairman, Ibadan Zone Shareholders Association, Mr. Shola Aboderin, urged the bank to implement strategic plans that would leverage returns on investments for retail investors.

“We have waited too long for dividend payment because we need to be compensated adequately. That is the major returns we can make on investment now because the market has not really been bullish,” he said.

But the Managing Director of the bank, Mr. Emeka Emuwa, disagreed.

He said, “If you take a look at the recent changes in the bank, in terms of branding and new accounts, you will observe that we now have more of young people. That is not to say that we are underrating the older people. We are also passionate about the Small and Medium Enterprises sector and the agricultural sector across
Nigeria.   

“The bank’s strong financial and operational performances continue to affirm our business strategy and success of our transformation. There is more work to be done against the backdrop of significant economic headwinds; however, we remain committed to delivering our business objectives and enhancing our competitive position in the industry.”

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