The
United Bank for Africa (UBA) Plc on Tuesday announced that its London
subsidiary has obtained regulatory permission to carry out wholesale
banking activities in the United Kingdom.
Following the authorisation, a statement
from the bank stated that UBA is now the only African bank to conduct
banking activities in New York and London, as well as in 20 other
countries across Africa.
As part of the transformation process,
resulting from the authorisation, the current name of UBA Capital
(Europe) Limited will change to United Bank for Africa (UK) Limited, the
bank explained.
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.
Commenting on the achievement, the Group
Managing Director/CEO, UBA PLC, Mr. Kennedy Uzoka said the
authorisation would strengthen the bank’s 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.
On his part, the CEO of UBA UK Limited,
Mr. Andrew Martin said: “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.
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