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 bankâ€™s capabilities in meeting the growing cross-border financing needs of our customers.
â€œIt 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,â€ he added.
On his part, the CEO of UBA UK Limited, Mr. Andrew Martin said: â€œThis 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.â€