The United Bank for Africa (UBA) has commenced banking operations at its new Dubai branch in Dubai International Financial Centre (DIFC).
UBA has a foothold in 20 African countries, the United Kingdom, the United States of America and France, will now expand its operations in Dubai.
The DIFC Branch of UBA will operate under the Category 4 license and will be regulated by the Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone, the Dubai International Financial Centre.
The Chairman of UBA Group, Mr. Tony O. Elumelu, said during the launch event that UBA will continue to work on its strategic intent to lead the way when it comes to doing 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 noted.
In addition, UBA’s Group Managing Director/CEO, Mr. Kennedy Uzoka, spoke at the event.
“Today, we are formally on four continents across the globe, operating in 24 countries, serving over 35 million customers and still growing.
“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,” he said.