United
Bank for Africa Plc, UBA, announced yesterday that its London subsidiary has
obtained regulatory permission to carry out wholesale banking activities in the
United Kingdom, 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 license 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, 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.
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