BUSINESS PROSPECTS FOR BANKS STILL HIGH – ELUMELU

UBA Managing Director, Tony El
The Group Managing Director of the United Bank for Africa Plc, Mr. Tony Elumelu, on Monday said that despite the crisis rocking the banking industry, the prospect for growth in the sector was still high.

Elumelu, who addressed shareholders in Abuja at the bank's 48th Annual General Meeting, said the bank would continue to deliver exceptional customer service.

The UBA boss also noted that the bank's Service Excellent Programme was aimed at ensuring that it ranked among the most customer-focused service providers in Africa.

He said the bank would maintain leadership in Nigeria and continue its expansion programme.

He said, 'Our African strategy is beginning to yield the desired results, with subsidiaries contributing about 10 per cent to deposit liabilities of the Group, while the Group's performance has been impacted this year by the investment needs of subsidiaries. We have focused on building scale, and remain confident that most of the subsidiaries will achieve break even positions in 2010.'