The Nigerian Bank United Bank for Africa (UBA) will soon expand its operations in Angola and South Africa, said bank chief executive Phillips Oduoza in an interview with Bloomberg in Davos.
The objective of the pan-African bank, which with its significant presence is already operating in 19 countries on the African continent, is to try to compensate for the collapse of its operations in Nigeria, the largest African economy, facing a strong economic imbalance due the fall in oil prices.
South Africa and Angola are two countries included in the “expansion phase,” said Phillips Oduoza, without giving further details.
UBA has become one of the leading providers of banking and financial services on the African continent. The Bank provides services to more than 14 million customers worldwide, through one of the most diverse service channels in sub-Saharan Africa, with more than 1 000 agencies and customer touch points and strong online banking platforms and mobile. In 2017, the bank’s revenues reached 1,07 billion, representing 22% growth over 2015 while pre-tax earnings also grew by 32% to reach 91 billion Naira.
