By Modupe Gbadeyanka
Residents of the United Kingdom who hope to enjoy the great banking services rendered by pan-African financial powerhouse, United Bank for Africa (UBA) Plc, can now have the opportunity to do so.
On Thursday, February 28, 2019, the financial institution launched its full operations in London three weeks after the firm also launched its operations in Mali.
The formal launch is 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 this 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.
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.
Speaking at the upscale ceremony held at The Prestigious Shard in the city of London, Chairman of UBA, Mr Tony Elumelu, stated that he 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,” the businessman said.
Mr Elumelu expressed that he is 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 at the event, Group Managing Director/CEO of UBA, Mr Kennedy Uzoka, noted that, “UBA Group is the most efficient gateway for European corporates and institutions to access Africa, given the bank’s expansive network across most impact markets on the continent and its deep knowledge of the business terrains in Africa.
According to him, “Simultaneously, we are serving the trade and capital needs of our African customers, who are seeking exposure to the European markets.
“With the upgrade of UBA UK Limited, we are excited to deepen our support to existing customers whilst also providing the leverage for new customers to effectively fulfil their cross-border transactions through UBA Group’s network.”
On his part, CEO of UBA UK, Mr Patrick Gutmann, said, “We are now on a stronger footing, as the authorization of the PRA and FCA for an enhanced business model affords us the opportunity to swell our capital and balance sheet as well as the broader UBA Group’s network across Africa.
“We welcome our existing and new customers to this new world of borderless opportunities, as we creatively serve our customers in meeting their international transaction needs.”
