United Bank for Africa expands to Dubai
The United Bank for Africa (UBA), Africa’s global bank that operates in the Mozambican market has extended its operations to the United Arab Emirates with the official launch of its new branch at the Dubai International Financial Centre (DIFC).
The UBA branch in the DIFC will service corporate & financial Institutions and customers across the Middle East with a core focus on correspondent banking, relationship management and advisory services.
Through this new expansion, the UBA Group will be able to harness opportunities in the Middle East, Africa and South Asia, and a nominal GDP of US$7.7 trillion 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 on Thursday, the Chairman, UBA Group, Tony O. Elumelu, explained that with the Group’s foray into the Gulf Region, UBA continues to focus on its strategic intent to lead business in Africa.
“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,” Elumelu said.
UBA's Group Managing Director/CEO, Mr. Kennedy Uzoka, who also spoke at the event said that, the bank is formally on four continents across the globe, operating in 24 countries, serving over 35 million customers and still growing.
“We are the only bank with Nigerian origin that has extended out of Nigeria to the UAE. Our presence in Dubai affirms that UBA is a strong franchise, expanding its reach across the world,” Uzoka said.
Africa’s global bank has been in operation for over seven decades. Today, the group is present in 20 African countries, the United Kingdom, the United States of America and France.
