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One of the oldest financial institutions in the country, Union Bank of Nigeria Plc has announced the resignation and replacement of two of its Executive Directors.

This was disclosed by the bank in a notification signed by the company secretary, Somuyiwa Sonubi and sent to the Nigerian Stock Exchange (NSE) on Friday.

Union Bank announces resignation of 2 executive directors, appoints new ones
Mrs Lola Cardoso

In the statement, the bank also informed the shareholders and other stakeholders of the retirement of Nath Ude and Kandolo Kasongo with effect from March 31 and April 30 respectively.

In a related development, the financial institution announced the board’s approval of the appointments of Mrs Lola Cardoso and Mr Joe Mbulu as Executive Directors.

[READ MORE: Portland Paints announces new board changes)

Cardoso’s profile: She heads the bank’s retail and digital banking group has over 22 years of work experience in consulting, commercial and investment banking. She joined Union Bank as the Group Head, Strategy before stepping into other roles which include Head of Strategy and Innovation, Chief Digital Officer and Head, Retail Distribution and Channels.

Before joining Union Bank, she had worked in the United States for over 15 years as investment banker and management consultant. She worked in AT Kearney where she rose from Associate to Director of Strategy.

She was also an Investment Banking Analyst at Salomon Smith Barney and Lehman Brothers between 1997 and 2004

Mrs. Cardoso holds a Bachelor of Business Administration in Finance and Business Economics from the University of Ohio and an MBA from the Ross School of Business, University of Michigan, both in the USA.

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Mr Mbulu’s profile: He is the Chief Financial Officer for Union Bank has 26 years of professional experience in banking, financial management and analysis, organizational and business transformation, strategy and operational consulting and project management.

Before he joined Union Bank as the Transformational Director, he was the Chief Operating Officer for the domestic bank business unit of Ecobank Transnational (ETI), where he supervised strategy formulation and execution for the banking group’s retail, SME, local corporate and public sector businesses.

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He was at Bank PHB where he was the Head of Strategy and Business Transformation and also Vice President, Transformation at Nielsen, New York. He also had stints at Mckinsey & Company and Arthur Anderson (now KPMG).

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Mr Mbulu, who is a Fellow of Institute of Chartered Accountants of Nigeria (ICAN), has a Bachelor of Science in Agricultural Economics (University of Benin) and an MBA, Finance and Strategy from Wharton School, University of Pennsylvania.

About Union Bank: It was established in 1917 and listed on the NSE in 1971, is one of the most respected financial institutions in the country. It has its presence in over 300 locations across Nigeria and was recapitalized in 2012 following its acquisition by new investors.

The bank’s area of focus includes retail, commercial and corporate banking businesses.

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