UAE - Mubasher: The United Bank for Africa (UBA), Africa's global bank, has launched its new branch at the Dubai International Financial Centre (DIFC) to expand its operations to the UAE.
The group has operations in 20 African countries, the UK, the US, and France, with its new branch in the UAE to serve corporate and financial institutions and customers across the Middle East, according to a press release on Tuesday.
The United Bank for Africa's DIFC branch will be regulated by the Dubai Financial Services Authority (DFSA).
The Chairman of UBA Group, Tony O. Elumelu, said: "Collaborating with our franchises in 20 African countries and the major financial centres of London, New York, and Paris, UBA (DIFC Branch) will facilitate the financing of trade transactions between the Middle East and Africa, enabling trade finance and investments."
Meanwhile, the CEO of UBA (DIFC), Vikrant Bhansali, commented: "Leveraging the presence of UBA Group in global financial centres, UBA (DIFC) will enhance the ability of the group to facilitate access of Gulf investors and banks to African markets. We will finance trade, facilitate commerce and help grow investment in Africa, across all sectors."
