By Peter OBIORA investadvocate

Nov 22 2010 16.12 GMT

Lagos (INVESTADVOCATE)-After the storm comes calm; as Union Bank of Nigeria Plc (UBN) the Stallion is set to engage in corporate rebranding.

This was contained in a notice by the Bank Monday November 22 2010 to the Nigeria Stock Exchange (NSE) in Lagos Nigeria.

 

The Bank notified The Exchange that it has refreshed its corporate symbol (the Logo) in line with its transformation process.

 

Union Bank affirmed that this is part of its strategic repositioning (corporate rebranding) to engender competitiveness and contemporary outlook.

 

The Bank is also re-designing its business environment to enhance its ambience as part of efforts to rejuvenate its customer service delivery.

 

UBN further affirmed that the adoption of the refreshed logo would be implemented in all its business environments and communication materials.

 

Part of the rebirth agenda when Funke Osibodu, Group Managing Director/Chief Executive Officer (GMD/CEO) took over the helms of affairs of the Bank in her maiden Press Briefing in Lagos Nigeria was for the Management to focus on specific areas such as Risk and Control, Marketing and Business Development and People Management.

 

Osibodu had affirmed on the need to strengthen the Bank’s Risk Management and Control System in order to effectively guide decision making relating to Credit Risk and Operational Risks.

 

“On Credit Risks, we will focus on the following key areas; such as aggressive loan recovery using our internal machinery and the resources placed at our disposal by the law enforcement agencies” she said.

 

According to her, the Bank would also monitor and reduce its concentration risks by ensuring that the loan portfolio is more evenly spread with less impact on the Bank by large ticket items.

“Furthermore, on our loan monitoring and control system, we will develop appropriate early warning signals and ensure that debtors are closely monitored by our team. That way, we would be able to proactively manage the clients to ensure timely recovery of facilities” the GMD said.

On the operational side, Osibodu said management will ensure the integrity of the Bank’s Accounting and Financial Reporting systems and that appropriate controls are in place, in particular, systems for monitoring risk, financial probity, and compliance with the law.

“The Corporate Governance structure will be built around enhancing transparency and accountability” she said.

On Marketing and Business Development, the Union Bank GMD had said as part of the on-going Enterprise Transformation Programme, the Bank had put in place a new operating model for its branches. “The new model is designed to allow branches to give dedicated focus to marketing and relationship management” the GMD affirmed.

Other things Osibodu put in place in this area is to increase the ratio of the market-facing staff in the new system.

She also said the Bank’s branches will be upgraded to be customer friendly in physical ambience as well as working tools. “Technology will be very key in this regards and we will place emphasis on our brand management” she said.

On People and Management, the GMD had noted that training to meet the requirement of the new environment was very important in motivating and ensuring performance.

Following the above, she affirmed that the Bank would emphasize on capacity building to enable its staff deliver on their set objectives. “We will pursue a merit-driven and objective performance management system where staff would be rewarded and promoted based on merit” Osibodu had said.

This is coming on the heels of earlier troubles that had bedeviled the Bank in recent times.

The General Management of the Bank had sought review in the disparity in overseas medical allowances of its members compared to that of the Directorate.

 

Others include the salary structure and pension policy rolled-out effective July 01 2010, reduction in terminal benefits (gratuity) and other related issues. This the Nigerian Labour Congress (NLC) wielded into.

However, the Management of the Bank under Osibodu has since moved into action to resolve some of the contentious issues raised by its staff; this investadvocate gathered were resolved before September 30 2010.

Francis Barde, Head of Corporate Affairs of the Bank had in a Statement confirmed that the demands from the NLC were noted and the agreement was that the Management will revert to what the members of staff were enjoying before, pending when they are able to sit down together and resolve the problems.

As earlier reported, the Labour Congress published a letter it wrote August 12 2010 to the Sanusi Lamido, the Governor of the CBN affirming unfair labour relations and attitude as being exhibited by the then new management team of Union Bank and other related matters.

In August year 2009; the Nigeria’s Apex Bank, Central Bank Nigeria (CBN) sacked Chief Executive Officers (CEOs) of five Nigerian Bank’s which include Barth Ebong former GMD of Union Bank.

The reason for the action, Sanusi Lamido Sanusi, the Governor of the CBN said was to safeguard Nigeria’s financial sector from systemic collapse.

As a result of this, Osibodu, with close to 28 years banking experience was brought in to help move Union Bank forward. The rebranding effort may be one of the strategies she is adopting to achieve this aim.