The chairman of the United Bank for Africa, UBA, Tony Elumelu has launched the UBA UK in London. The bank had earlier announced that its London subsidiary had obtained regulatory approval to carry out wholesale banking activities in the United Kingdom.
Following the 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.
Elumelu expressed joy that the bank was living up to its mantra of “Africa’s global bank”, adding that UBA was now properly positioned to support corporate and government institutions in efforts to improve trade relations in Africa and sustain growth between the continent and Europe. Hear him: ” 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.”
This will expand the reach of the company, as according to The Group Managing Director/CEO, Kennedy Uzoka, “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.” Corroborating him, 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.”
The event, which held at the Prestigious Shard in the city of London, also had in attendance 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.