By Edwin Muhumuza
United Bank of Africa (UBA) has launched full banking operations in the global financial city of London. Now UBA UK, courtesy of authorization by the Prudential Regulation Authority(PRA) and the Financial Conduct Authority(FCA) ,the Bank will carry out full scale wholesale banking across the United Kingdom.
As 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, it continues to reinforce its strength as Africa’s Global Bank, facilitating trade and capital flows between Africa and the world.
The Group Chairman, Mr. Tony Elumelu said the Group is excited by the authorization by the relevant regulatory authorities in the United Kingdom 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.”Elumelu noted.
This development comes three weeks after the UBA group launched its operations in Mali.
At the upscale ceremony which was held at The Prestigious Shard in the city of London, UBA UK was formerly introduced to business leaders across Europe and Africa with a commitment from the UBA Group of its readiness to galvanise trade and commerce between Europe and Africa.
Also speaking at the event, The Group Managing Director/CEO, Mr. Kennedy Uzoka, said “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.”
“With our expansion in London, African countries trade barriers with the UK have been reduced and we now expect top African exporters to the UK will take advantage of the new bank,” said Mr Uzoka in London during the official launch.
He urged investors in the UK to take advantage of the London based Pan African bank to do direct foreign investment in Africa especially in the 20 African countries where UBA bank operates
The CEO, 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.”
Some of the guests In attendance at the event were the President of Dangote Group; Alhaji Aliko Dangote, President; Afreximbank, Dr. Benedict Oramah; Former Prime Minister of Pakistan, H.E Shaukat Aziz; Member of the British House of Lords and Executive Committee.
Member of the All Party Africa Group, Rt. Hon Lord Anthony Tudor St. John, amongst many others. The event was not short on entertainment as one of Africa’s leading entertainers Dbanj performed to the admiration of guests including Star boy, musicician, Wiz Kid.