Africa’s Global bank, United Bank for Africa (UBA) Plc, announced that all its African subsidiaries are now on firm footing as they have been contributing maximally to the group’s profit margin.
Specifically, the bank’s African operations have contributed close to 50% of the group’s earnings, leveraging digital offerings and products across the board to gain large market shares across the different regions of operations in Africa.
The Executive Director/Chief Executive Officer, UBA Africa, Abiola Bawuah, noted that notwithstanding the impact of devaluations and double-digit inflation in Nigeria and a number of other African countries where the bank operates, the subsidiaries have been performing well, contributing significantly to the growth and development of trade, infrastructure and finance on the continent.
She said, “As of last month, none of our African subsidiaries is making a loss. They have all been turning in profits, this is a testament to the fact that they have navigated successfully and have all found their footing.
Continuing, she said, “And this extends to each and every one of them, even the ones in war-torn countries. Of course, we are aware that there is always room for improvement, but for now, we are glad that our 19 subsidiaries are out of the red zone.
In the area of infrastructure financing, she affirmed that UBA has been bullish in financing projects across Africa, which according to her is based on the conviction that the continent needs to bridge the infrastructural gap, necessary for economic growth.
“UBA has proven expertise and capacity in key sectors of economies across Africa, especially in oil and gas, infrastructure finance, agriculture and commodity/export, and these have positioned it as a preferred partner for structured solutions to key governments and corporates operating in/into Africa,” Bawuah said.
Bawuah told the journalists present at the event that in the last few years, the bank has invested heavily and supported key governments of various African countries with over $1bn in infrastructural development, especially in roads, hospitals, health, power and other critical sector.
According to her, the bank has contributed massively to promoting trade in Africa and has partnered with the African Continental Free Trade Area (AfCFTA), adding, “At UBA, we believe that our customers should be able to trade conveniently among themselves, and so we have been partnering with them in this area. We have made it easy for our customers across countries to trade easily within themselves, without having to bother about all the hassles that have to do with forex.”
Early this year, Abiola Bawuah, a Ghanaian national, was appointed as the first female CEO of UBA Africa, an appointment that further demonstrated the bank’s commitment to diversity. The Group Board now includes eight female Directors.
She was previously the CEO, UBA Ghana, and formerly Regional CEO, West Africa, supervising the operations in Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.