United Bank for Africa (UBA Plc) yesterday announced that its London subsidiary has obtained regulatory permission to carry out wholesale banking services in the United Kingdom.
The approval licence was granted to the lender by the Prudential Regulation Authority (PRA), a United Kingdom financial services regulatory body.
The move makes UBA the only Sub-Saharan African bank to conduct banking activities in New York and London, as well as in 20 other countries across Africa.
Speaking on the feat, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka said: “This authorisation strengthens our capabilities in meeting the growing cross-border financing needs of our customers. It enhances our customer coverage and product offerings whilst positioning our group as an optimal conduit for trade and foreign investments into and across Africa as well as export flows to the United Kingdom. Importantly, the licence will enable us to fulfill our aspiration of deepening financial intermediation in Sub-Saharan Africa and providing the much-needed financial support to the broader real sector of the African economy,” he added.
Also speaking, the Chief Executive Officer of United Bank for Africa (UK) Limited, Andrew Martin, noted further, “this enhanced positioning of our business is timely, as it comes at a time when the UK is seeking to expand trade and broaden economic ties with Nigeria and Africa in general.”
As part of the transformation process, resulting from the authorization, the current name of UBA Capital (Europe) Ltd will change to United Bank for Africa (UK) Limited. In addition to a full suite of treasury services, cash management, corporate lending and wholesale deposit offerings to professional and eligible counterparties, the operations of United Bank for Africa (UK) Limited now extends to all aspects of trade finance; issuance, acceptance, confirmation and refinancing of Letters of Credit of different variations, including SBLCs.
UBA Plc is a leading Pan- African financial institution, offering banking services to more than fourteen million customers, across 1,000 business offices and customer touch points in 19 African countries. UBA is connecting people and businesses across Africa with presence in the United States of America, the United Kingdom and France.