UBA expands, set to begin full operations in France

Feyisayo Ajayi -
Key Points
  • UBA expands its international footprint with full operations in France, positioning Paris as its EU hub.
  • Tony Elumelu inks a landmark agreement with France's Finance Minister, bolstering UBA’s European growth.
  • UBA reports $358.5 million profit before tax, sustaining robust financial performance amid global expansion efforts.

United Bank for Africa (UBA) Plc, a pan-African financial services group led by Nigerian businessman Tony Elumelu, is solidifying its international presence with the full launch of operations in France. 

The expansion was formally unveiled during Nigerian President Bola Tinubu’s state visit to France, where UBA Chairman Tony Elumelu signed a landmark cooperation agreement with French Finance Minister Antoine Armand. 

The deal, which positions UBA as a bridge between Africa and the broader global financial ecosystem, signals strong backing from the French government for UBA’s European growth and highlights France's commitment to supporting the bank’s increasing presence in the region.

Connecting Africa to the World

In a statement at the signing ceremony, Tony Elumelu emphasized the importance of the French expansion: “This partnership affirms our dedication to providing seamless international banking services to clients across the 11 Francophone African countries we serve, as well as to French and European businesses engaging with Africa.”

Elumelu underscored that Paris would become a central hub in the European Union, joining London, New York, and Dubai as vital nodes in UBA’s global network. This expansion is a natural progression for UBA, which continues to position itself at the forefront of innovative financial solutions, connecting Africa to the world.

Robust performance fuels growth strategy

UBA’s expansion into France marks a critical milestone in its growth trajectory. Elumelu, who holds a 7.39 percent stake in the bank, has played a key role in shaping UBA into a leading force in African banking. His focus on entrepreneurship and support for small and medium-sized enterprises (SMEs) has been central to the bank's success across the continent.

As part of its ongoing growth strategy, UBA is seeking approval from the Nigerian Exchange Limited (NGX) for a $143.6 million rights issue to further strengthen its capital base. This move is expected to fuel continued expansion efforts across its global operations.

UBA has demonstrated robust performance. The Group posted a profit before tax of N603.5 billion ($358.5 million) in its latest reporting period, with net interest income surging 149 percent year-on-year to N1.10 trillion ($653.7 million), reflecting strong operational efficiency and a firm grasp of market opportunities.

With its Paris expansion and robust financial performance, UBA is poised to further cement its status as Africa's global bank, driving innovation while staying true to its roots of supporting African enterprise and economic development.