UBA Group, a pan-African bank, has formally launched full banking operations in the UK.
The expansion comes shortly after the receipt of approvals from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to conduct wholesale banking activities in the nation.
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Among the various offerings of UBA (UK) include treasury services, cash management, correspondent banking, corporate lending and wholesale deposit products, as well as structured and trade finance.
UBA Group chairman Tony Elumelu said: “The enhancement of our business in the United Kingdom is very timely and mutually beneficial for African and European corporates as well as respective governments.
“With the British and other European governments seeking new and improved measures to grow trade relations with Africa, we are enthusiastic on our positioning and capabilities in supporting corporates and government institutions to fulfil these lofty aspirations, which we believe are pertinent for the sustainable growth of both continents.”
The expansion makes UBA the first financial provider in sub-Saharan Africa to have banking units in the UK and US.
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By GlobalDataUBA UK CEO Patrick Gutmann said: “We are now on a stronger footing, as the authorisation of the PRA and FCA for an enhanced business model affords us the opportunity to swell our capital and balance sheet as well as the broader UBA Group’s network across Africa.
