The United Bank for Africa (UBA) has opened a new branch in the United Arab Emirates (UAE), expanding its operation to the oil-rich region.
The bank said the birth of its Dubai branch at the Dubai International Financial Centre (DIFC) is in line with its vision of global outlook and competence, African by heart and knowledge; and a bridge to the world economy. It noted that over the years, the Gulf, especially the UAE, has become an important hub for global trade and also a trade gateway for Africa.
“@UBADubai will serve our customers across the Middle East with a core focus on correspondent banking, trade and treasury, whilst harnessing the opportunities the region has to offer to unlock our untapped economic potential and support our continent’s development,” it said.
The founder of Tony Elumelu Foundation and Group chairman of Heirs Holdings, Tony Elumelu, added that Dubai’s strategic position as a thriving global trade hub at the intersection of Asia, Europe and Africa makes it an ideal market.
“Today, I am in Dubai to mark yet another historical milestone for @UBAGroup. What started as an ambitious dream is today a reality. UBA has expanded its operations beyond Africa, the United States, and Europe to the United Arab Emirates; truly Africa’s Global Bank.
