March 6, 2019
As they continue to spread wings across the world, the United Bank for Africa,(UBA), one of the leading financial institutions in Africa on Thursday, February 28, 2019, formally launched full operation in the United Kingdom.
Three weeks ago, UBA group launched its operations in the West Africa nation of Mali.
However, the global financial city of London Thursday, February 28, 2019, hosted a high level gathering of business and public sector leaders as the new UBA franchise, UBA UK, was formally birthed in the United Kingdom amidst high expectations.
During the prestigious shard that was held in the city of London, UBA UK was formerly introduced to business leaders across Europe and Africa, with a commitment from the UBA Group of its readiness to galvanise trade and commerce between Europe and Africa.
The formal launch was 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 the 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.
Speaking at the event, UBA Group Chairman, Tony Elumelu, said the Group was 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.
“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 said
Chairman Elumelu expressed that he was 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, the UBA Group Managing Director and Chief Executive Officer Kennedy Uzoka, said simultaneously, they are serving the trade and capital needs of their African customers, who are seeking exposure to the European markets.
He said with the upgrade of UBA UK Limited, they are excited to deepen their support to existing customers whilst also providing the leverage for new customers to effectively fulfil their cross-border transactions through UBA Group’s network.
The Chief Executive Officer of UBA UK, Mr. Patrick Gutmann, said they are now on a stronger footing, as the authorization of the PRA and FCA for an enhanced business model affords them the opportunity to swell their capital and balance sheet as well as the broader UBA Group’s network across Africa.
He said they welcome their existing and new customers to the new world of borderless opportunities, as they creatively serve their customers in meeting their international transaction needs.
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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.