To live up to its name, United Bank for Africa (UBA), the pan African bank, is planning to launch operations in new key markets across the continent as part of its ambitious global expansion strategy.
Group Managing Director Oliver Alawuba announced this alongside executives from UBA’s 24 countries of operation during the Group’s Half-Year Business Review at its headquarters in Lagos, where he outlined the bank’s commitment to entering high-potential markets while reinforcing its presence in 20 African nations.
Although the bank is silent on the new markets to explore in Africa, UBA, InsideBusinessNG learned, is eyeing Angola, the Sahel region, and South Africa, among other countries, where it plans to offer financial services in alignment with the Africapitalism idea of its chairman, Tony Elumelu. This is in addition to Saudi Arabia, which was announced in January.
The bank derives over 51.7 per cent of its revenue from operations outside Nigeria, thereby solidifying its position as Africa’s most diversified financial services group. It focuses on delivering innovative financial solutions to its growing customer base of over 45 million, leveraging its role as “Africa’s global bank” to seize emerging opportunities.
UBA’s international journey began in 2004 with its entry into Ghana, followed by expansion into 18 additional African markets. The Group currently operates in the United Kingdom, the United States, France, and the United Arab Emirates. The planned Saudi Arabia launch marks a significant step in UBA’s global strategy. In Europe, UBA is also upgrading its banking license in France to enhance support for cross-border trade, investment, and the African diaspora, building on its over 40-year presence in New York.
Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.
“Our vision is to build a truly global institution rooted in Africa, but serving customers across continents. Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business”, Alawuba said
As one of Africa’s largest financial sector employers with 25,000 staff, UBA continues to lead in retail, commercial, and institutional banking while championing financial inclusion through innovative technology. The Saudi Arabia expansion underscores UBA’s ambition to reshape the global banking landscape, connecting Africa to the world and fostering economic growth across the continent.
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