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United Bank for Africa Plc (UBA) has opened a new branch at the Dubai International Financial Center in Dubai, United Arab Emirates.
UBA is a leading pan-African financial services group led by Nigerian businessman Tony Elumelu.
The opening of the branch brings UBA’s global presence to 24 countries and four continents. The move is part of the bank’s strategic expansion plans to become a top international bank.
According to the banking group, the Gulf, and particularly the UAE, has become an important hub for international trade and a trade gateway for Africa. Taking this into account, the group stated that: “The Dubai branch will serve customers across the Middle East with a core focus on correspondent banking, trade, and Treasury, while harnessing the opportunities the region has to offer to unlock untapped economic potential and support the continent’s development.”
In a recent tweet, Elumelu, the chairman of UBA, commented on the recent move, stating: “What began as an ambitious dream is today a reality. As Africa’s Global Bank, UBA has expanded its operations beyond Africa, the United States, and Europe to the United Arab Emirates.”
“Dubai’s strategic location at the crossroads of Asia, Europe, and Africa makes it an ideal market for our 35 million customers to leverage their businesses and expand their global footprint,” he added. “UBA Group pledges to remain Africa’s leading financial institution and is dedicated to advancing Africa’s cause on a global scale.”
UBA is a Nigerian financial services company with operations in 20 African countries, as well as the United Kingdom, United States, France, and, most recently, the United Arab Emirates.
The bank is the 15th most valuable company on the Nigerian Exchange.
With a market capitalization of N256 billion ($620 million), it accounts for nearly one percent of the equity market capitalization on the bourse.
Elumelu, one of Africa’s most powerful businessmen, was instrumental in UBA’s growth and expansion as a pan-African bank. He owns a sizable 6.96 percent stake in the banking group, equivalent to 2,380,941,756 ordinary shares.
UBA’s entry into the Middle East comes nearly six months after Elumelu publicly disclosed his investment interests in Caribbean markets.
