Africa’s worldwide bank, The United Bank for Africa (UBA), has been in existence for more than seven decades.
The organisation is now present in 20 African nations as well as the United Kingdom, France, and the United States of America.
With the official opening of its new branch in the Dubai International Financial Centre, the bank has expanded its operations into the United Arab Emirates (DIFC).
The Dubai Financial Services Authority (DFSA), the financial regulatory body of the special economic zone, the Dubai International Financial Centre, will oversee the operations of United Bank for Africa Plc (DIFC Branch) under the terms of its Category 4 licence.
With a primary focus on correspondent banking, relationship management, and advisory services, the UBA office in the DIFC will provide services to corporate and financial institutions as well as clients throughout the Middle East.
By taking advantage of opportunities in the Middle East, Africa, and South Asia (MEASA), which is made up of 72 countries and has a nominal GDP of US$7.7 trillion, the UBA Group will be able to strengthen its position as Africa’s Global Bank and facilitate capital and trade flows between Africa and the rest of the world.
The Chairman of the UBA Group, Mr. Tony O. Elumelu, explained that despite the Group’s entry into the Gulf Region, UBA is still committed to its strategic intent to set the standard for conducting business in Africa.
This was said during the Thursday launch of the new subsidiary in Dubai. Elumelu said, “UBA (DIFC Branch) will facilitate the financing of trade transactions between the Middle East and Africa, enabling trade finance and investments, working with our franchises in 20 African countries and the major financial centres of London, New York, and Paris.”
Since this is the first time we will be present in this region of the world, we have been anticipating this day. We are aware that if we do not have a presence in the Gulf, our international expansion will be insufficient.
Kennedy Uzoka, group managing director and CEO of UBA, said during his speech at the event that the company now formally operates in 24 countries and on four continents while serving over 35 million customers.
“We are the only bank with Nigerian roots to have branches in the UAE.
The fact that those who came before us passed through other points demonstrates the authority and respect the Dubai authorities have for UBA.
Our presence in Dubai demonstrates that UBA is a powerful franchise with a global expansion, according to Uzoka.
“The authorities and business climate here in the DIFC are phenomenal, and UBA is seeing Dubai as the gateway for Africa, which is why we are here: to be closer to our clients, to be partnering with them, and to facilitate businesses and trade flows into Africa through the UBA franchise. We are therefore quite happy.
According to Mr. Vikrant Bhansali, CEO of UBA (DFIC), trade, commerce, and investment in Africa are growing in the Middle East and Asia.
By utilising the UBA Group’s position in major financial centres, UBA (DFIC) will improve the group’s capacity to ease Gulf investors’ and banks’ access to the African markets.
We will support trade, promote business, and support increased investment across all industries in Africa.
During the ribbon-cutting ceremony, Arif Amiri, Chief Executive Officer of the Dubai International Financial Centre (DIFC) Authority, said, “UBA (DFIC) attests to the strong relationship between Dubai and Africa.
The UBA DIFC brings us one step closer to accomplishing our goals as we look forward to increasing interaction, directing more trade, and attracting more investments into Africa.
As we just saw with the UBA Group, DIFC will keep looking for alliances that produce fruitful ties.