…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.
Suicide Bomber Hits Hospital Kills 8, Injures 22
Twin attacks claimed by the Taliban hit a police checkpoint and hospital in north-western Pakistan on Sunday, killing eight people,...
Ruga: Abia Monarch Lauds State Government’s Restriction On Land Sales
A prominent Abia monarch, Prof. Sunday Owualah, has expressed joy over the state government’s resolve to henceforth regulate the sale...
Oyegun To Oshiomhole: Support Only APC Governor In S’South
Elder statesman and the immediate past National chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has again tasked...
Group Endorsed Yahaya Bello for 2nd Term
A social cultural Organization, Kwararafa Unified Assembly has declared their total support for the re-election of Kogi state governor, Alhaji...
State Chairmen Forum Endorse Bulama For APC Scribe
Forum of State Chairmen of the All Progressives Congress (APC) has endorsed Arc. Waziri Bulama as a replacement for the...
Are You Addicted To Your Phone, Internet? Try This!
Many people spend hours on the internet every week — but some people can’t pull away. For individuals with internet...
Economy: Stop Peddling Fake News Against CBN Gov, Group Warns
An Abuja based pro-democracy group dedicated to advocating for integrity, justice, probity and transparency in public offices, Global Integrity Crusade...
OPINION15 hours ago
Presidential Election Petition Tribunal: The Chasing Shadow Moves Of Atiku Abubakar And PDP
COVER STORIES13 hours ago
Rights Commission Wades Into Sen Abbo’s Alleged Abduction Of Wife
FEATURES15 hours ago
Longest-Serving African Female Presidents
FEATURES10 hours ago
Brewing War Of Camps In Bayelsa PDP
NEWS22 hours ago
Police Identify Lagos Airport Intruder As Nigerien
NEWS12 hours ago
Calls For National Security Summit Diversionary – Falana
Tribute10 hours ago
The Founding Fathers
POLITICS19 hours ago
Gov Bello Is The Real Progenitor Of Rescue Mission In Kogi – Fanwo