UBA get permit for U.K’s wholesale banking 


United Bank of Africa (U.K) Limited, a subsidiary of United Bank of Africa Plc, has granted permission by the Prudential Regulation Authority (PRA) in the United Kingdom for wholesale banking license.
The milestone according to the statement signed by Group Company Secretary of UBA, Bili Odum
made available to the Nigerian Stock Exchange in Lagos on Wednesday seen by Business Standard said, the achievement would enable the bank subsidiary in the United Kingdom to effectively meet the growing appetite of it 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 development markets, the statement said.
“Under the supervision of the Prudential Regulation Authority and Financial Conduct Authority, United Bank for Africa (U.K) 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 (U.K) Limited would spans all aspects of treasury services, cash management, corporate lending and wholesale deposit offerings.