United Bank of Africa adds Zambia to its Portfolio

Posted by Staff Writer on Wednesday, January 20, 2010 at 8:42pm.

United Bank for Africa Plc (UBA),one of several pan African banking groups, announced the opening of its Zambian operations  today - this is the groups first entry into the Southern Africa region.  The company is following a trend in Africa of expanding retail banking operations to new markets.  The company currently has a presence in 15 African countries.

UBA has over the past year rapidly expanded its network, positioning itself as a major bank of choice for wholesale and retail clients in Africa and Africa related businesses, demonstrating in action its positioning as “Africa’s Global Bank”.  This physical expansion has been matched by the launch of a series of products designed specifically to address the key needs of African clients, whether individuals, companies or governments, in facilitating money transfer and cash management, trade finance and access to credit.

UBA Zambia started operations on Monday, 11 January, 2010 following approval by the Central Bank of Zambia and other relevant regulatory authorities.

According to the CEO, UBA Africa, Mr Rasheed Olaoluwa, the Group’s Zambian operations have been strategically positioned to provide comprehensive financial services to support corporate and retail customers in Zambia and allow them to access UBA’s African and global network and product range.

“Thanks to our recent rapid expansion across the region and our growing strategic capabilities, we are now well positioned to provide unique products and services leveraging our cross border network - we want to provide services that are truly relevant to all Zambians and Zambia businesses” he said.

“We are excited about the prospect of serving our growing number of corporate clients who we believe will benefit from our extensive local and global knowledge” said Abba Bello, MD/CEO UBA Zambia.

United Bank for Africa Plc offers universal banking to more than 7 million customer accounts.  The opening of UBA Zambia brings to 15 the number of countries where UBA Group has a presence.  These countries include Nigeria, Ghana, Uganda, Kenya, Tanzania, Cameroon, Côte d’Ivoire, Liberia, Sierra Leone, Senegal, Burkina Faso, Chad, Benin and Gabon together with a presence in non African markets like New York, London and Paris.