UBA Group begins full banking operations in UK

Nigeria's United Bank for Africa (UBA) has formally established its franchise in the United Kingdom (UK), as one of the country's biggest bank expands its operations across the globe.
The bank three weeks ago began operations in Mali, its 20th presence in the continent, joined by UK and the United States with presence in France as well.
UBA UK was formally introduced to the business community in the European country with a commitment from the UBA Group of its readiness to galvanise trade and commerce between Europe and Africa.
The establishment and commencement of operations was done after authorisation obtained by the group from the Prudential Regulation Authority and the Financial Conduct Authority for UBA UK Limited to carry out full-scale wholesale banking across the UK.
UBA Group has now attained the position of first financial institution from the continent with banking operations in both the UK and the United States, facilitating trade and capital flows between Africa and the world.
Tony Elumelu, chairman of the UBA Group said the financial institution was excited by the authorisation of the relevant regulatory authorities in the United Kingdom for UBA to upgrade its operation and further fulfil its aspiration of deepening trade and investments flows between Africa and Europe.
“The enhancement of our business in the United Kingdom is very timely and mutually beneficial for African and European corporate, 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 corporate and government institutions to fulfil these lofty aspirations, which we believe are pertinent for the sustainable growth of both continents.”
Patrick Gutmann, the CEO of UBA UK said the bank was on a stronger footing, as the authorisation by PRA and FCA would afford the bank the opportunity to increase its capital and balance sheet as well as the broader UBA Group’s network across Africa.
“We welcome our existing and new customers to this new world of borderless opportunities, as we creatively serve our customers in meeting their international transaction needs.”