The United Bank for Africa (UBA), operating for over seven decades and with presence in 20 African countries, the United Kingdom, the United States of America and France, has extended its operations to the United Arab Emirates with the official launch of its new branch at the Dubai International Financial Centre (DIFC).
United Bank for Africa Plc (DIFC Branch) 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 UBA branch in the DIFC will service corporate & financial institutions and customers across the Middle East with a core focus on correspondent banking, relationship management and advisory services.
Through this new expansion, the UBA Group will be able to harness opportunities in the Middle East, Africa and South Asia (MEASA), which comprise of 72 countries with an approximate population of 3 billion and a nominal GDP of US$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.
Speaking during the launch of the new subsidiary in Dubai on Thursday, the Chairman, UBA Group, Mr. Tony Elumelu, explained that with the Group’s foray into the Gulf Region, the bank continues to focus on its strategic intent to lead the way on doing business in Africa.