UBA Applies for British Banking Licence

September 1, 2017

By Modupe Gbadeyanka

Group Managing Director of United Bank for Africa (UBA), Mr Kennedy Uzoka, has revealed the lender’s intention to begin operations in Britain.

Mr Uzoka, according to Reuters, made this disclosure on Tuesday during the bank’s H1 2017 Conference Call & Earnings Presentation.

He noted that an application has already been filed to the Financial Services Authority of the United Kingdom for a banking license.

The UBA chief said the decision of the lender to spread its tentacles to the UK was in its bid to further connect Africa to the world through global financial centres, complementing its existing presence in New York and Paris.

Last week, UBA said its first half pre-tax profit rose 66 percent to N57.5 billion, while its non-performing loan ratio rose to 4.2 percent in the half-year, up from 3.9 percent a year earlier.

During the Tuesday’s call, UBA, the third largest bank in Nigeria by total assets, deposits and profits with an estimated c.10% market share, said it boats of over 14 million customers, through one of the most diverse channels in Africa.

The bank further said it has robust online and mobile banking platforms and social media.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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