Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Nigeria's United Bank of Africa spreads to Zambia

Category: Investors NewsBeat

  Read (1473)
Nigeria's United Bank of Africa spreads to Zambia


By Chris Mfula
Nigeria's United Bank of Africa (UBA) UBA.JG has started operating in Zambia with a capital investment of $15 million as it seeks to expand its influence on the African continent, Chief Executive Officer Abba Bello said on Thursday.
Bello told Reuters one UBA branch was already operational in Lusaka and the bank planned to open two more in the country's mining towns on the Copperbelt and another in Solwezi, which hosts two key mines in Africa's largest copper producer.
"Our focus is on wholesale and retail and we play in all sectors of any economy that we are in, so when you say mining, yes we will be in mining but we will be in all sectors of wholesale space in Zambia and we will support that with retail play," Bello said.
Bello said UBA hoped its growing influence in Africa would help boost trade and spur the continent's economic growth.
"UBA is here as a vehicle to ensure that Africans have their own bank that can assist in empowering indigenous Africans in growing intra-African trade and trade between Africa and the rest of the world," he said.
Bello said with the start of operations in Zambia, UBA was now present in 17 countries in Africa.
In October, UBA launched its Kenyan operation to compete with pan-African group Ecobank Transnational Inc ETIT.LG, which began working in Kenya in 2008.
Bello said the competition, brought about by the opening of more banks in Zambia, which now has 18 banks, and favourable economic indicators in recent months would help bring down interest rates. – Reuters

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014