Barley one year after struggling Diamond Bank closed its United Kingdom (UK) branch to grow local banking, Africa’s global bank; the UBA group has deepened international presence in UK.
The UK branch is coming three weeks it launched operations in Mali as part of expanding African visibility.
Business Hilights gathered that the new UBA franchise, UBA UK was formally unveiled in the UK amidst high expectations on Thursday February 28, 2019 at The Prestigious Shard in the city of London.
The formal launch is sequel to the authorization of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for UBA UK Limited to carry out full scale wholesale banking across the United Kingdom.
Money market pundits say with this launch, UBA Group has further consolidated its unique positioning as the first and only Sub-Saharan African financial institution with banking operations in both the United Kingdom and the United States.
According to them, the feat will among other advantages, reinforce the financial giant’s leading franchise as Africa’s Global Bank, facilitate trade and capital flows between Africa and the world and reduce hassles in Diaspora remittances.
In his remarks at the event, the Group Chairman, Mr. Tony Elumelu said the conglomerate is excited by the authorization of the relevant regulatory authorities in the United Kingdom for UBA to upgrade its operation and further fulfil its aspiration of deepening trade and investments flows between Africa and Europe.
Elumelu averred that “The enhancement of our business in the United Kingdom is very timely and mutually beneficial for African and European corporates as well as respective governments. With the British and other European governments seeking new and improved measures to grow trade relations with Africa, we are enthusiastic on our positioning and capabilities in supporting corporates and government institutions to fulfil these lofty aspirations, which we believe are pertinent for the sustainable growth of both continents.”
The elated banking wizkid said UBA is living up to its mantra of being Africa’s global bank and positioning itself to support investors in key financial centres across the world.
The Group Managing Director/CEO, Mr. Kennedy Uzoka, who expressed target fulfillment, averred that “UBA Group is the most efficient gateway for European corporates and institutions to access Africa, given the bank’s expansive network across most impact markets on the continent and its deep knowledge of the business terrains in Africa. According to him, “Simultaneously, we are serving the trade and capital needs of our African customers, who are seeking exposure to the European markets. With the upgrade of UBA UK Limited, we are excited to deepen our support to existing customers whilst also providing the leverage for new customers to effectively fulfil their cross-border transactions through UBA Group’s network.”
In his goodwill message, the CEO, UBA UK, Mr. Patrick Gutmann, observed that “We are now on a stronger footing, as the authorization of the PRA and FCA for an enhanced business model affords us the opportunity to swell our capital and balance sheet as well as the broader UBA Group’s network across Africa. We welcome our existing and new customers to this new world of borderless opportunities, as we creatively serve our customers in meeting their international transaction needs.”
Key global moguls in attendance at the event include the President of Dangote Group, Alhaji Aliko Dangote; President, Afreximbank, Dr. Benedict Oramah; Former Prime Minister of Pakistan, H.E Shaukat Aziz; Member of the British House of Lords and Executive Committee Member of the All Party Africa Group, Rt. Hon Lord Anthony Tudor St. John amongst many others.
United Bank for Africa (UK) Limited, previously named UBA Capital (Europe) Limited offers a full suite of treasury services, cash management, correspondent banking, corporate lending and wholesale deposit products to professionals and eligible counterparties. In addition, UBA (UK) Limited offers all aspects of structured and trade finance; issuance, acceptance, confirmation and refinancing of Letters of Credit of different variations, including SBLCs.
