The United Bank for Africa on Tuesday announced that its London subsidiary had obtained regulatory approval to carry out wholesale banking activities in the United Kingdom.
Following this authorisation, 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, according to a statement by the lender.
Commenting on the development, the Group Managing Director/Chief Executive Officer, UBA, Mr. Kennedy Uzoka, was quoted as saying, “This authorisation strengthens our capabilities in meeting the growing cross-border financing needs of our customers.
“It enhances our customer coverage and product offerings while 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.”
He added, “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, 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 authorisation, the current name of UBA Capital (Europe) Limited will change to United Bank for Africa (UK) Limited, according to the lender.
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 UBA UK Limited now extends to all aspects of trade finance; issuance, acceptance, confirmation and refinancing of letters of credit of different variations, including SBLCs.