UBA Group Launches New Branch in Dubai

By Tolulope Oke

The United Bank for Africa (UBA) has launched a new branch at the Dubai International Financial Center (DIFC), to further expand operations across the globe.

The Dubai Financial Services Authority (DFSA), the financial regulatory body of the special economic zone, the Dubai International Financial Centre, will oversee the operation of the UBA (DIFC Branch) under the Category 4 license.

With a primary focus on correspondent banking, relationship management, and advisory services, the UBA office in the DIFC will provide services to corporate and financial institutions as well as clients throughout the Middle East.

• READ ALSO: Why Amazon May Acquire Jumia, Konga, Others in Nigeria

Through this new expansion, the UBA Group would be able to harness opportunities in the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of three billion and a nominal GDP of $7.7 trillion and thereby, reinforce its strong franchise as Africa’s Global Bank, facilitating trade and capital flows between Africa and the rest of the world.

The Chairman of UBA Group, Mr. Tony O. Elumelu, stated recently during the opening of the new subsidiary in Dubai that despite the Group’s entry into the Gulf Region, UBA is still committed to its strategic aim to set the standard for conducting business in Africa.

“Collaborating with our franchises in 20 African countries and the major financial centres of London, New York and Paris, UBA (DIFC Branch) will facilitate the financing of trade transactions between the Middle East and Africa, enabling trade finance and investments.

“We have been looking forward to this day as it is the first time we will have presence in this part of the world. We know that our international expansion is incomplete if we are not present in the gulf,” he said.