Uba Eyes More African Countries For Operations
SAN FRANCISCO, May 03, (THEWILL) – The United Bank for Africa (UBA) Group has revealed its intent of expanding its operations to 25 African countries including those in the North, East, and West Africa with specific attention to the Kenya region.
The bank currently operates in 18 African countries.
Tony Elumelu, Group Chairman, UBA, made the assertion during the first ever Senior Leadership Forum of the bank.
Elumelu pledged more capital injection for the bank's growth in the continent as he reconfirmed its Africa network as a strategic priority.
“As long-term investors and, may I say, pioneers in pan-African commercial and investment banking, we are deeply committed to the markets in which we operate and to harnessing the potential represented by the wider African economy,” Elumelu said at the forum.
“Our intention is to be the leader in African financial services, and our recent transactions show this. We see clearly the potential of Africa.”
Also speaking at the forum was Fogan Sossah, Chairman of UBA Senegal who supported the expansion drive.
“We have done a lot but in many senses we are only beginning to reap the rewards of our network and potential. We are a truly pan-African institution and after a period of consolidation, we know that the continuing expansion of our Africa footprint is a key goal. We must ensure that we have presence in at least 25 countries in the near to medium term, starting from the UMOA and CEMAC zones,” he said.
Story by David Oputah