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UBA To Deploy More Resources To East African Subsidiaries

Posted: May 12, 2016 at 12:52 am   /   by   /   comments (0)

Bamidele Ogunwusi,Lagos Pan-African banking group United Bank for Africa which operates in 19 African countries, New York, London and Paris has once again restated its commitments to deploy more resources to its East African subsidiaries in Uganda, Tanzania and Kenya.

The move for the bank which serves more than 11 million customers through over 1000 business offices and touch points across the
continent and globally, recognises the increasing importance of Africa to its growth and diversification strategy. It will further enhance
the capacity of the UBA subsidiaries in financing development initiatives in the region.

Indications to the effect emerged Tuesday May 10, 2016, during separate meetings in Kampala by the UBA Group Chairman Mr. Tony Elumelu, CON with President Yoweri Museveni and Governor of the Central Bank of Uganda, Mr. Emmanuel Tumusiime-Mutebile. Mr. Elumelu was accompanied by the Chairman of UBA Uganda Dr. Eric Adriko and other members of the Board of UBA Uganda.

“We are deeply committed to the markets in which we operate and have established a strong track record of supporting critical infrastructure and other development initiatives that drive inclusive growth and job creation” said the UBA Group Chairman.

He informed the President and Central Bank Governor of the Group Board approval to boost the operating capital of its East African
subsidiaries, including UBA Uganda.

“This move will strengthen their capacity to explore and finance emerging opportunities in the entire region. East Africa is a good investment destination for the UBA Group” Mr. Elumelu stated.

The Governor of the Central Bank of Uganda said: “I have every confidence in UBA’ at the meeting just as H.E President Museveni indicated that the Ugandan government would be pleased to work with UBA on collections and other mutually beneficial areas in infrastructure financing and mobile payments when he met with the bank’s Board at the Presidential palace in Entebbe.”

Though the protracted weakness in commodity prices has impacted many African economies, the UBA Group remains optimistic especially as governments of various African countries embark on macro economic reforms to stabilise and diversify their respective economies.

“It is on this backdrop that UBA Group recently decided to expand into 6 more African countries which will bring its footprint on the
continent to 25 countries, especially as it aims to extract synergy opportunities in its unique pan-African platform.

“We believe that African economies have the resilience to overcome the current economic slowdown and will emerge stronger” said the African business leader and philanthropist.

Interestingly, commodity prices may have bottomed-out, with recent rise in major commodity prices, like oil and gold which have rallied
some 22% and 15% thus far in the year.