Wholesale licence for UBA London fuels our drive to grow cross-border services—Uzoka
The Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA), Mr. Kennedy Uzoka, has described the fresh regulatory approval to carry out wholesale banking activities in the United Kingdom as a strong frontier for strengthening the bank’s capabilities in meeting the growing cross-border financing needs of customers.
Business Hilights recalls that the Africa’s global bank, had on Tuesday announced that its London subsidiary had obtained regulatory approval to carry out wholesale banking activities in the United Kingdom.
With the authorisation, 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.
Giving more emphasis n the wholesale authorization feat, Uzoka averred that “It enhances our customer coverage and product offerings while 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.”
In his reaction, the Chief Executive Officer, UBA UK, Mr. Andrew Martin, observed that “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.”
The bank disclosed that in line with the new licence and allied transformation process, the current name of UBA Capital (Europe) Limited will change to United Bank for Africa (UK) Limited.
Additional details indicate that apart from full suite of treasury services, cash management, corporate lending and wholesale deposit offerings to professional and eligible counter-parties, the operations of UBA UK Limited now extends to all aspects of trade finance; issuance, acceptance, confirmation and refinancing of letters of credit of different variations, including SBLCs.
