- UBA Taps Into €280bn Europe-Africa Market
United Bank for Africa (UBA) has finally tapped into the financial hub of European-African trade valued at Euro280 billion in 2017, according to data from the European Commission.
In an effort to facilitate trade between Africa and Europe, the lender launched its United Kingdom subsidiary on Saturday after receiving its wholesale licence. Experts believe the new business expansion would position UBA at the centre of Europe-Africa trade and further deepen its presence in 20 African countries.
President, Dangote Group, Aliko Dangote, who was present at the event in London, was optimistic the move will strengthen trade relations with the rest of the world.
The Africa’s richest man, who saw his net worth jumped to $16.6 billion last week, described UBA as a dynamic financial institution committed to facilitating trade between the continent and the rest of the world.
The European Commission reported that the EU imports goods worth EUR 131 billion from Africa in 2017 and exported manufactured goods of EUR149 billion. Bringing the total trade volume between the two continents to EUR280.
The UK alone exported goods valued at EUR9.77 billion to Africa and imported EUR14.68 billion in 2017.
Chairman, UBA Group, Tony Elumelu, described the new UK bank as a global financial facilitator for businesses across the globe.
“Our intent is to follow our customers, to continue to support our customers and Africans,” Elumelu said.
“We have been in New York for quite some years. We want to help our customers. We want to be around our customers, and we need to help support our customers,” he said.
The bank CEO, Patrick Gutmann, said although the bank has been in the UK for a few years, this is the first time it is functioning as a full bank.
“This is a key part of UBA’s ambitions to be Africa’s global bank,” said Gutmann. “If you want to be Africa’s global bank, you need to have presence in key financial hubs, and London is one of such.”