…As regulatory authorities grants wholesale banking Licence to UK subsidiary
The United Bank for Africa (UBA), Africa’s global bank, announced yesterday that its London subsidiary has obtained regulatory permission to carry out wholesale banking activities in the United Kingdom.
The bank said following this authorisation, it 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 licence 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.’’
The chief executive officer of United Bank for Africa (UK) Ltd (“UBA UK”), 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. In addition to a full suite of treasury services, cash management, corporate lending and wholesale deposit offerings to professional and eligible counterparties, the operations of United Bank for Africa (UK) Limited now extends to all aspects of trade finance; issuance, acceptance, confirmation and refinancing of Letters of Credit of different variations, including SBLCs.
NEWS17 hours ago
National Theatre’s General Manager Dies In Auto Crash
NEWS15 hours ago
Ekiti To Drive Tourism With Local Festivals
NEWS9 hours ago
Why My Appeal Against CCT Judgment Is Being Delayed – Onnoghen
FEATURES11 hours ago
Banditry, Politics And Changing Narratives In Zamfara
CRIME20 hours ago
Pastor Docked For Allegedly Defrauding Woman Of N1m
Fashion and Style17 hours ago
Fashion Is Who You Are – Adanna
NEWS20 hours ago
Islamic State Claims Responsibility For Sri Lanka Bombings
NEWS22 hours ago
I’m A Major Beneficiary Of Fawehinmi’s Struggles, Says Uba Sani