Wednesday, March 28, 2018 /11:20 AM / NSE
The Prudential Regulation Authority (PRA) in the United Kingdom has granted a wholesale banking licence to United Bank for Africa (UK) Limited, a wholly owned subsidiary of United Bank for Africa Plc.
This milestone achievement will enable our subsidiary in the United Kingdom to effectively meet the growing appetite of our customers for cross border transactions. The authorization by PRA positions our Group as a natural conduit for trade, investor and donor flows to Africa as well as export flows to the developed markets.
Under the supervision of the Prudential Regulation Authority and Financial Conduct Authority, United Bank for Africa (UK) Limited will expand the scope of its operations and leverage UBA Group's strong franchise to fulfill its appetite for deepening trade finance penetration in Africa, amongst other offerings afforded by the wholesale banking licence.
In addition to a full suite of trade finance services, the operations of United Bank for Africa (UK) Limited spans all aspects of treasury services, cash management, corporate lending and wholesale deposit offerings.