United Bank for Africa (UBA Plc) on Tuesday announced that its London subsidiary has obtained regulatory permission to carry out wholesale banking services in the United Kingdom.
The approval was granted to the lender by the Prudential Regulation Authority (PRA), a UK financial services regulatory body.
The move makes UBA the only Sub-Saharan African bank to conduct banking activities in New York and London, as well as in 20 other countries across Africa.
Speaking on the feat, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka 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 UK. 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,” he added.
Also speaking, the Chief Executive Officer of UBA (UK) Limited, Andrew Martin, noted further: “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.”
