UBA launches first Pan African bank in Dubai
UBA has officially become the first Pan African bank to establish a branch in Dubai directly from Nigeria. The new branch is located at the Dubai International Financial Centre.
UBA will operate under the Category 4 licence and will be regulated by the Dubai Financial Services Authority, the financial regulatory agency of the special economic zone, the Dubai International Financial Centre.
According to a statement, the lender has a presence currently in 20 African countries, the United Kingdom, the United States of America and France.
The bank said the UBA branch in the DIFC would service corporate and financial institutions and customers across the Middle East with a core focus on correspondent banking, relationship management and advisory services.
Through this new expansion, it added, the UBA Group would be able to harness opportunities in the Middle East, Africa and South Asia, which comprise of 72 countries with an approximate population of three billion and a nominal GDP of $7.7tn and thereby, reinforce its strong franchise as Africa’s global bank, facilitating trade and capital flows between Africa and the rest of the world.
Speaking during the launch of the new subsidiary in Dubai recently, the Chairman, UBA Group, Mr. Tony Elumelu, explained that with the Group’s foray into the gulf region, UBA continues to focus on its strategic intent to lead the way when it comes to doing business in Africa.
Elumelu said, “Collaborating with our franchises in 20 African countries and the major financial centres of London, New York and Paris, UBA (DIFC Branch) will facilitate the financing of trade transactions between the Middle East and Africa, enabling trade finance and investments.”
Photo caption: L-R: UBA Dubai are Group Head, Commercial and Corporate Banking, Mr. Muyiwa Akinyemi; Executive Director, Treasury and International Banking, Mr. Ndubisi Chiugo; Chief Executive Officer, Dubai International Financial Centre(DIFC) Authority, Mr Arif Amiri; Group Chairman, United Bank for Africa (UBA), Mr. Tony O. Elumelu; Governor , Dubai International Financial Centre(DIFC), His Excellency Essa Kazim; Group Managing Director/CEO, UBA Group, Mr. Kennedy Uzoka; and Managing Director, UBA (DIFC Branch), Mr. Vikrant Bhansali during the launch of UBA Dubai recently.
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