United Bank for Africa (UBA PLC), Africa’s global bank, announced today
that its London subsidiary has obtained regulatory permission to carry
out Wholesale Banking activities in the UK. Following this
authorization, UBA is now the only Sub-Saharan African bank to conduct
banking activities in New York and London, as well as in 20 other
countries across Africa.
Commenting on the landmark achievement, the Group
Managing Director/CEO, UBA PLC, Mr. Kennedy Uzoka said: “This
authorization strengthens our capabilities in meeting the growing
cross-border financing needs of our customers. It enhances our customer
coverage and product offerings whilst positioning our Group as an
optimal conduit for trade and foreign investments into and across Africa
as well as export flows to the United Kingdom. Importantly, the licence
will enable us to fulfill our aspiration of deepening financial
intermediation in Sub-Saharan Africa and providing the much-needed
financial support to the broader real sector of the African economy,” he
added.The CEO of United Bank for Africa (UK) Ltd (“UBA UK”), Mr. Andrew Martin
noted further, “this enhanced positioning of our business is timely, as
it comes at a time when the UK is seeking to expand trade and broaden
economic ties with Nigeria and Africa in general.”
As part of the transformation process, resulting from the authorization,
the current name of UBA Capital (Europe) Ltd will change to United Bank
for Africa (UK) LTD. In addition to a full suite of treasury services,
cash management, corporate lending and wholesale deposit offerings to
professional and eligible counterparties, the operations of United Bank
for Africa (UK) Limited now extends to all aspects of trade finance;
issuance, acceptance, confirmation and refinancing of Letters of Credit
of different variations, including SBLCs.
UBA PLC, is a leading Pan- African financial institution, offering
banking services to more than fourteen million customers, across 1,000
business offices and customer touch points in 19 African countries. UBA
is connecting people and businesses across Africa with presence in the
United States of America, the United Kingdom and France//end
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