Post Views: 270 Three weeks after the launching its operations Mali operations, Nigeria’s business and public sector leaders gathered in London, the g...
Three weeks after the launching its operations Mali operations, Nigeria’s business and public sector leaders gathered in London, the global financial hub on Thursday February 28, 2019, to formally unveil the UK arm of the United Bank for Africa Plc (UBA) franchise.
UBA (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. It also offers all aspects of structured and trade finance; issuance, acceptance, confirmation and refinancing of Letters of Credit of different variations, including SBLCs.
The ceremony also served to introduce the UBA UK to business leaders across Europe and Africa with a commitment from the group to galvanise trade and commerce between Europe and Africa.
The formal launch, according to a statement by the group, 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.
“With this launch, UBA Group further consolidates 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, thus reinforcing its strong franchise as Africa’s Global Bank, facilitating trade and capital flows between Africa and the world,” the group added.
Speaking at the event, Chairman, UBA Group, Tony Elumelu said the group is excited by the authorization of the relevant regulatory authorities in the UK 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 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,” he added.
Elumelu expressed extreme pleasure as UBA continues to live true to its mantra of being Africa’s global bank and positioning itself to support investors in key financial centres across the world.
Also speaking at the event, The Group Managing Director/CEO, Kennedy Uzoka, 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. 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.”
Also speaking, the CEO, UBA UK, Mr. Patrick Gutmann, said: “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.”
Some of the guests at the event included President of Dangote Group, Alhaji Aliko Dangote; President, Afreximbank, Dr. Benedict Oramah; Former Prime Minister of Pakistan, Shaukat Aziz; member, British House of Lords and Executive Committee Member of the All Party Africa Group, Rt. Hon Lord Anthony Tudor St. John amongst many others.
Photo caption: CEO, UBA UK, Patrick Gutmann; GMD/CEO, UBA Plc, Kennedy Uzoka; President, Dangote Group, Alhaji Aliko Dangote; Group Chairman, UBA Plc, Tony O. Elumelu; President, Afreximbank, Dr. Benedict Oramah; and CEO, UBA Africa, Victor Osadolor at the launch of UBA UK in London on Thursday, February 28, 2019.