Tony Elumelu, the Chairman of United Bank for Africa (UBA), has announced the commencement of operation of the bank in Dubai.
In a statement made available to TimeAfrica, he was in Dubai yesterday to mark yet another historical milestone for UBA Group.
According to him, “what started as an ambitious dream is now a reality. UBA has expanded its operations beyond Africa, the United States and Europe to the United Arab Emirates. Truly Africa’s Global Bank.
“Dubai’s strategic position as a thriving global trade hub at the intersection of Asia, Europe and Africa makes it an ideal market for our 35 million+ customers to leverage their businesses and boost their global footprint.
“UBA Group pledges to remain Africa’s number one financial institution that is committed to advancing the cause of Africa on the global stage.”
UBA operates in 20 African countries. which include Nigeria, Benin, Burkina Faso, Cameroon, Chad, Cote D’Ivoire, Democratic Republic of Congo, Equatorial Guinea, Ghana, Gabon, Guinea, Guinea-Bissau, Kenya, Liberia, Mozambique, Republic of Congo, Senegal, Sierra Leone, Tanzania, Uganda and Zambia.
It is the only African bank that operates in United States of America; the only African bank that is a deposit taking licensed bank in the US, and a member of the Federal Reserved Clearing System.
UBA is the only sub-Saharan African bank with the unique ability to clear and settle US Dollar denominated payments without use of an intermediary bank.
USA has the toughest banking regulatory environment but UBA gets a two rating, – two rating is 80 percent in the US.