United Bank for Africa (UBA) has formally launched a new subsidiary, UBA UK.
UBA UK is a London-headquartered pan-African bank with access and linkages to a footprint of UBA subsidiaries in 20 African markets.
Although the bank has been present in London for a number of years as UBA Capital (Europe), the rebrand marks a new chapter for the group, with UBA UK having received its wholesale banking licence last year.
The bank offers treasury services, cash management, correspondent banking, corporate lending and wholesale deposit products.
Its trade finance department, which is headed up by Shaheen Butt, who joined the bank in 2017, offers all aspects of structured and trade finance.
Speaking at the launch event last week, Patrick Gutmann, CEO of UBA UK (pictured), said UBA has “a vision to help develop the African continent and to strengthen the ties between Africa and the rest of the world… and that is where UBA UK comes in. UBA UK is here to deliver on UBA’s vision to be Africa’s global bank.”
The UBA group, headquartered in Nigeria, is the only Sub-Saharan African financial institution with banking operations in both the UK and the US.
“We believe that to effectively service our clients and to support the continent, we must be present in key financial centres, which is why UBA Group is present in both London and New York,” Gutmann added.