close
close

UBA not slowing down global expansion drive, says GMD – Business – The Guardian Nigeria News – Nigeria and World News

The United Bank of Africa (UBA) Plc has expanded its pan-African and global operations more aggressively than any other Nigerian financial institution in recent decades.

Yet there appears to be no room for complacency, says the bank’s Group Managing Director Oliver Alawuba.

At a press conference yesterday to mark its 75th anniversary, Alawuba and his team laid the foundation for another decade of growth. They said the financial institution looks forward to becoming an emerging, truly pan-African bank and deepening its operations in the African market where it currently operates. operates and seizes opportunities where they are available.

For example, he said the bank plans to offer its services to every African family, ensuring that there is a UBA account in every family across Africa.
The GMD announced that UBA now acts as a gateway for remittances from the diaspora
Africans around the world and many financial institutions across the continent use their US subsidiary as a correspondent bank.

The institution, which prides itself on being Africa’s global bank, has branches in twenty African countries with targets for aggressive expansion in the country in the coming years.

It also operates in the United Kingdom, France, the United States and the United Arab Emirates, where it operates as the only African bank with a banking license.
As Nigeria’s home bank, UBA is credited with the most successful merger in the banking system, citing the famous 2002 UBA/Standard Trust Bank business combination.

Alawuba said the bank remains committed to growing capital flows, trade and investments between African companies and the rest of the world.
He pointed to the income flows of the bank’s subsidiaries outside Nigeria as a sign of the bank’s potential for share price appreciation.

Alawuba said the bank’s vision is to be a role model for African businesses while connecting Africans to the world and vice versa.

He said the bank is committed to expanding its presence, capturing growth opportunities and delivering value to all stakeholders.

He noted that collaboration and partnerships, as exemplified by the US$6 billion Small and Medium Enterprises (SME) Financing Agreement signed with the African Free Trade Area (AfCFTA), will play an important role in achieving the strategic objectives of the couch.

He said the bank is committed to deepening relationships with customers, employees, regulators and other stakeholders for mutual benefit and long-term success.

Alawuba also noted that amid the economic challenges and market dynamics, UBA has demonstrated remarkable financial strength and resilience with last year’s performance, evidence of robust fundamentals and sound strategic decisions.

“As we navigate the ever-changing landscape, we remain committed to creating value for our shareholders and capitalizing on emerging opportunities in the market. Innovation and digital transformation are at the core of UBA’s strategy for future growth and competitiveness. We will continue to invest in innovative products, services and digital platforms that enhance customer experience and drive operational efficiency,” he said.

The Deputy Managing Director of UBA, Muyiwa Akinyemi, said the bank has exemplified stability, reliability and excellence in banking for over 75 years, achieving numerous milestones and making a positive impact on communities.

He said the bank’s financial strength and resilience have been key to its success, even amid economic challenges.

He said that with the investment opportunities, the bank is confidently monitoring the ongoing recapitalization drive of the Central Bank of Nigeria (CBN) and will achieve and surpass it in no time.

Akinyemi added that the bank is committed to offering cutting-edge products and services that enhance customer experience, thereby cementing its position as a progressive institution.