UBA UK, a new UBA franchise on Thursday, February 28, 2019 officially commenced full banking operations in the United Kingdom. This is coming three weeks after UBA group began its operations in Mali.
The inauguration ceremony held at Shard, London, United Kingdom was attended by President of Dangote Group, Alhaji Aliko Dangote; President of Afreximbank, Dr Benedict Oramah; H.E Shaukat Aziz (former Prime Minister of Pakistan); Rt Hon Lord Anthony Tudor St. John (a member of the British House of Lords and Executive Committee Member of the All Party Africa Group) and many others as the UBA UK was formally introduced to the business leaders across Europe and Africa.
The inauguration is resultant to the authorisation of the Prudential Regulation Authority and the Financial Conduct Authority for UBA UK Limited to carry out full-scale wholesale banking across the UK.
Speaking at the inauguration, the Group Chairman, Mr. Tony Elumelu, said; “The Group is excited by the authorisation 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.”
“The enhancement of our business in the United Kingdom is very timely and mutually beneficial for African and European corporate, 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 corporate and government institutions to fulfil these lofty aspirations, which we believe are pertinent for the sustainable growth of both continents.”
“I am extremely pleased as 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.”
Also speaking, Kennedy Uzoka, Group Managing Director/Chief Executive Officer, said; “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.”
“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 while also providing the leverage for new customers to effectively fulfil their cross-border transactions through UBA Group’s network.”
Nevertheless, Patrick Gutmann, Chief Executive Officer, UBA UK, said; “We are now on a stronger footing, as the authorisation 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.”
it is interesting to know that with the inauguration, UBA Group further consolidates its unique positioning as the first and only sub-Saharan African financial institution with banking operations in both the UK and the United States, thus reinforcing its strong franchise as Africa’s global bank, facilitating trade and capital flows between Africa and the world.