The United Bank for Africa (UBA) Plc had announced its London subsidiary as the financial institution has obtained regulatory permission to carry out general banking services in the United Kingdom.
UBA got the approval licence granted by the Prudential Regulation Authority (PRA), a United Kingdom financial services regulatory body. This move makes UBA the only Sub-Saharan African bank to carry out banking activities in New York and London as well as in 20 other countries across Africa.
Elated Kennedy Uzoka, Group Managing Director/CEO, UBA Plc 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.”
Also, the Chief Executive Officer of UBA (UK) Limited, Andrew Martin revealed that: “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.”
Meanwhile, 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. By the authorization, the current name of UBA Capital (Europe) Ltd will change to United Bank for Africa (UK) Limited.