Tony O. Elumelu, the Group Chairman, UBA Group, has stated that the group’s international expansion is incomplete if it is not present in the gulf.
He said this during the official launch of the bank’s new branch at the Dubai International Financial Centre (DIFC) on Thursday,
With a core focus on correspondent banking, relationship management and advisory services, the new UBA branch in Dubai is expected to service corporate and financial institutions and customers across the Middle East.
What they are saying
Elumelu explained that with the Group’s foray into the Gulf Region, UBA continues to focus on its strategic intent to lead the way when it comes to doing business in Africa.
He said “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,” Elumelu said.
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“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”
Kennedy Uzoka, UBA’s Group Managing Director/CEO highlighted that the group is formerly in four continents across the globe, operating in 24 countries, serving over 35 million customers and still growing.
He said, “We are the only bank with Nigerian origin that has extended out of Nigeria to the UAE. Those before us have come through other locations and that shows the strength and respect the Dubai authorities have for UBA. Our presence in Dubai affirms that UBA is a strong franchise, expanding its reach across the world.”
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“The authorities and business environment here in the DIFC is phenomenal and UBA is seeing Dubai as the gateway for Africa and that is why we are here, to be closer to our clients, to be partnering with them and facilitate businesses and trade flows into Africa through the UBA franchise. So, we are super excited.”
Vikrant Bhansali, the CEO, UBA (DFIC) attested that trade, commerce and investments in Africa is expanding in the Gulf Region and Asia. According to him, leveraging the presence of UBA Group in global financial centres, UBA (DFIC) will enhance the ability of the group to facilitate access of Gulf investors and banks to African markets.
“We will finance trade, facilitate commerce and help grow investment in Africa, across all sectors,” he said.
Arif Amiri, Chief Executive Officer, Dubai International Financial Centre(DIFC) Authority said, “UBA(DFIC) attests to the strong relationship between Dubai and Africa. It is a beautiful start as we are looking forward to achieving more interaction, channelling more trade and investments into Africa, and with UBA DIFC, we are closer to achieving our objectives. DIFC will continue to seek partnerships that will deliver winning relationships as we have just witnessed with UBA Group.”
What you should know
- Nairametrics earlier reported that the United Bank for Africa (UBA) has officially launched a new branch in the United Arab Emirates (UAE).
- The Nigerian tier-1 bank extended its operations to the oil-rich Middle East country at the Dubai International Financial Centre (DIFC) in Dubai.