UNION BANK pensioners endorse recapitalisation

Union Bank pensioners have unanimously endorsed and approved of the plans and strategies evolved by the management and Board of Union Bank of Nigeria Plc to recapitalise in line with the regulatory requirements.

This endorsement was adopted at an interactive forum with the bank`s management under the aegis of Union Bank Pensioners Association and Union Bank General Management Pensioners` Club led by Prince Justus Osokoya and Mr. Jerome Ezegbu held in Lagos.

After reviewing all the options available to the bank, the pensioners recognised that without the core investor as recommended by the board, union bank would loose its identify and make their investments and sacrifices as its workers over the years wasteful.

“We have reviewed and recognised that it is not in the best interest of the pensioners to nationaliseunion bank. Therefore, we resolved in our various consultative meetings to support every step taken by the management and board to recapitalise the bank" they said.

The pensioners advised the bank to ensure that the bank`s core values are retained and restored through the adoption of the best banking practices which was the hallmark of union bank in the past. They also appealed to the management to continue to take care of their welfare especially in the areas of medical, monthly pension, concessionary loans, etc.

While congratulating the management for taking a scrupulous look at the books of the bank in order to restore its accounting principles to the best standard of transparency and accountability, the retirees were saddened with the revelations that showed how the bank derailed in its operations and activities before the intervention of the Central Bank of Nigeria.

In her remarks, the Group managing Director/Chief Executive, Mrs. Funke Osibodu thanked the pensioners for turning out in large number to understand the recapitalisation issues and other matters that have been disturbing them over the years. She felt humbled by the turnout of the former members of general management especially executive directors who were fully involved in disseminating relevant information on the benefits of a core investor to members.

Mrs. Osibodu enjoined them to attend the Extra-Ordinary and General meetings at Abuja where the resolutions on recapitalisation would be tabled for approval; emphasising on the importance of submitting their signed proxy forms, if unable to attend.