Pan-African bank United Bank for Africa (UBA Plc) announced on Tuesday (March 27th) that its London subsidiary has obtained regulatory approval to operate in the UK. Approval granted to the bank by the Prudential Regulation Authority (PRA), the UK’s financial services regulator
An umpteenth authorization that makes UBA the only bank in sub-Saharan banking in New York and London, as well as in 20 other countries.
“This authorization strengthens our ability to meet the growing cross-border financing needs of our customers. It improves customer coverage and product offerings while positioning our group as an optimal channel for trade and foreign investment to and across Africa, as well as export flows to the UK “said Kennedy Uzoka, CEO of UBA Group Plc.
For Uzoka, the license will allow the bank to fulfill its wish to deepen financial intermediation in sub-Saharan Africa and provide the necessary financial support to the broader real sector of the economy.
As part of the transformation process, resulting from the authorization, the current name of UBA Capital (Europe) Ltd. will become United Bank for Africa (UK) Ltd.
