Monrovia, Liberia – A significant bilateral cooperation and collaboration meeting between the United Bank of Africa’s United Kingdom Office (UBA) and Akinwunmi Adesina, President of the African Development Bank (AfDB), has ended with the goal of promoting global expansion on the African continent.
Over the weekend, AfD President Adesina paid a courtesy call to the United Bank of Africa’s UK office. He praised the UBA’s contribution to Africa’s sustainable development and called for more cooperation to advance the continent’s advancements in digital economics, financial services, and developmental sustainability.
Authorized by the Prudential Regulation Authority (PRA) and subject to both the Financial Conduct Authority and the PRA’s regulations, UBA UK is a fully-owned subsidiary of United Bank for Africa Plc (UBA), a pan-African financial services organization.
With a focus on assisting financial institutions, corporations, governments, and international organizations, it is well-positioned to promote trade, finance, and assistance flows between international and African markets.
UBA UK is well-positioned to support trade, money, and assistance movements between the global and African markets by utilizing the UBA Group presence. Additionally, UBA UK focuses on helping governments, corporations, financial institutions, and other international organizations when they need an international banking partner with knowledge of Africa.
One of the biggest employers in the financial industry on the African continent, United Bank for Africa employs 25,000 people overall and provides services to more than 45 million clients worldwide. In addition to the United States, France, the United Arab Emirates, and the United Kingdom, UBA operates in 20 African nations.
Akinwunmi Adesina, speaking for the African Development Bank (AfDB), underlined the necessity of deeper partnerships to propel global progress on the African continent. He pointed out that promoting Africa’s economic progress requires solid alliances and calculated financial cooperation, like that between AfDB and UBA.
The AfDB President, however, praised UBA Group for its unwavering commitment to promoting growth and advancement on the continent, pointing out that UBA is essential in connecting global capital with African opportunities and maintaining the resilience and competitiveness of Africa’s financial systems.
“First and foremost, I have known your Group Chairman, Tony Elumelu, for a very long time and he is a very good friend. He’s a truly distinguished African who embodies a worldwide work ethic, institutional growth, and well-minded institutions. He also knows how to invest money and improve the quality of the bank.”
Considering the valued partnership between the two financial institutions, he stated that the AfDB and UBA have been working together for more than 20 years, starting with a $30 million line of credit in 2000 and growing to $200 million between 2007 and 2009.
“Our board recently approved $175 million for UBA, which includes $100 million in senior loans, $50 million for trade finance, and $25 million for risk participation agreements. By 2016, we had allocated $150 million for trade finance. “UBA is extremely important for Africa’s development,” he said.
Theresa Henshaw, the CEO of the UBA-UK branch, emphasized the bank’s wide global reach.
As the only African bank of our size in the UK, Madam Henshaw stated, “UBA has a strong international presence outside of Africa, operating in four locations outside the continent.” According to her, UBA-UK’s primary goal is to use our in-depth knowledge of the African financial system to promote trade and investment flows into the continent.
She also reaffirmed UBA’s vital role in correspondent banking services, especially in light of certain international banks’ decision to leave Africa. According to Madame Henshaw, UBA is still the only African bank providing correspondent banking services, guaranteeing that African companies may access international financial networks.
Reported by: Prince Saah
Contact: +231778239813
Email: saahprince119@gmail.com
