The United Bank of Africa (UBA) Plc has grown its pan-African and global operations more aggressively than any other Nigerian financial institution in the last decades.
Still, there seems to be no room for complacency, says the Group Managing Director of the bank, Oliver Alawuba.
At a press conference to mark its 75th anniversary, yesterday, Alawuba and his team, laid the basis for another decade of growth, saying the financial institution looks forward to emerging truly pan-African bank and deepening its operations across the African market where it currently operates while seizing opportunities where available.
For instance, he said, the bank intends to take its services to every African family, ensuring that there is a UBA account in every family across Africa.
The GMD disclosed that UBA now serves as a gateway of diaspora remittances for
Africans across the globe with many financial institutions across the continent using its United States subsidiary as a correspondence bank.
The institution, which prides itself as Africa’s global bank, has operations across 20 African countries with targets for aggressive in-country expansion in the coming years.
It also operates in the United Kingdom, France, the United States and the United Arab Emirates, where it operates as the sole African bank with a banking licence.
Bank home in Nigeria, UBA is credited with the most successful merger in the banking system with reference to the famous 2002 UBA/Standard Trust Bank business combination.
Alawuba said the bank remained committed to growing capital flows, trade and investment between African businesses and the rest of the world.
He pointed to the revenue streams from the bank’s subsidiaries outside Nigeria as a sign of the bank’s potential for share price appreciation.
Alawuba said the bank’s vision is to be a role model for African businesses while connecting Africans to the world and vice versa.
He said the bank is committed to expanding its presence, seizing growth opportunities and delivering value to all stakeholders.
He noted that collaboration and partnerships as exemplified by the $6 billion small and medium-sized enterprises (SME) funding agreement signed with the African Free Trade Area (AfCFTA) will be instrumental in achieving the bank’s strategic objectives.
He said the bank is dedicated to deepening relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success.
Alawuba also noted that amidst economic challenges and market dynamics, UBA has demonstrated remarkable financial strength and resilience with last year’s performance, as a testament to robust fundamentals and sound strategic decisions.
“As we navigate through the ever-changing landscape, we remain committed to creating value for our shareholders and capitalizing on emerging opportunities in the market. Innovation and digital transformation are at the heart of UBA’s strategy for future growth and competitiveness. We will continue to invest in innovative products, services, and digital platforms that enhance customer experience and drive operational efficiency,” he stated.
The Group Deputy Managing Director, UBA, Muyiwa Akinyemi, said for over 75 years the bank has exemplified stability, reliability, and excellence in banking, achieving numerous milestones and positively impacting the communities.
He said the bank’s financial strength and resilience have been key to its success, even amidst economic challenges.
He said due to the bank’s investment opportunities, it is confidently navigating the ongoing recapitalisation drive set by the Central Bank of Nigeria (CBN) and will achieve and surpass this in no time.
Akinyemi added that the bank is committed to offering cutting-edge products and services that enhance customer experience, solidifying its position as a forward-thinking institution.
