The Board and Management of Union Bank Plc has announced the retirement of an Executive Director and the Chief Financial Officer, Oyinkan Adewale.
In a statement made available to the public, the commercial bank expressed gratitude to the newly-retired Executive Director, saying Oyinkan had transformed the bank and has since rebuilt the bank’s finance function to effectively support business objectives.
“Union Bank has benefitted immensely from her experience and expertise, and her contributions have helped position the bank for the future.” – Union Bank
The statement further stated that Adewale, a veteran banker with 30 years of experience, joined Union Bank following its acquisition by a private equity investor consortium, United Global Partners Limited in 2012.
As the CFO, Adewale immediately began the foundation work that led to developing and executing of the bank’s strategic objectives and transformation, the statement added.
Speaking on her retirement, Adewale said she’s extremely proud to have been a part of Union Bank’s phenomenal turnaround over the past six years. She said,
“The challenge of leading a key piece of the transformation of this storied 100-year old institution has been one of the highlights of my career and I am confident that the bank is on solid footing as it enters into a new century of doing business in Nigeria.”
Adewale started her banking career with Citibank, where she rose to the position of Executive Director and the CFO for West Africa. She went on to co-found SIAO, a leading indigenous accounting firm, and later became the pioneer Managing Director/Chief Operating Officer for Renaissance Capital in Nigeria.
Adewale also held other senior management roles, including a Central Bank of Nigeria role; appointed executive director/CFO at now defunct Oceanic Bank and group head of MIS at Ecobank Transnational Incorporated.
The bank’s half-year 2018 result shows a 16% increase in revenue to the tune of ₦83.33 billion compared to ₦72.06 billion in H1 2017.Profit after tax also increased by 25% to ₦11.46 billion within the period compared to ₦9.20 billion recorded in H1 2017.
The bank stock closed at ₦5.10 last week on the floor of the Nigerian Stock Exchange (NSE).