United Bank for Africa Plc was incorporated in Nigeria as a limited liability company on 23 February 1961 under the companies Ordinance [Cap 37] 1922. It took over the assets and liabilities of the British and French Bank Limited which had carried on banking business in Nigeria since 1949. UBA is the first Nigerian Bank to offer an Initial Public Offering (IPO) following its listing on the floor of the Nigerian Stock Exchange in 1970. The Bank is also the first Nigerian company with a GDR programme. Following the consolidation reforms introduced and driven by the Central Bank of NIgeira in 2004, the Bank merged with Standard Trust Bank Plc on 1 August 2005 and subsequently acquired Continental Trust Bank Limited on 31 December 2005.