The United Bank of Africa (UBA) has established a London subsidiary, marking the first Sub-Saharan African bank to operate in the UK and 20 other African countries, including Kenya. The move follows regulatory approval from the Bank of England’s Prudential Regulation Authority, enabling the bank to offer wholesale banking services in the UK.
UBA Group Managing Director Kennedy Uzoka highlighted the subsidiary’s role in addressing growing cross-border financing demands, positioning the bank as a key channel for trade and foreign investment between Africa and the UK. "African exporters to the UK will now face reduced trade barriers, and we anticipate increased utilization of this new banking infrastructure," Uzoka stated during the London launch.
The bank’s CEO, Victor Osadolor, emphasized the strategic importance of London as a global financial hub, noting that UBA-UK will provide treasury services, cash management, and corporate lending to professional clients. "Our 17 million customers across 20 African nations will benefit from this expansion," he said.
Kenya’s High Commissioner to the UK, Manoah Esipisu, praised the development, calling it a milestone for African financial institutions. He noted the potential for Kenyan diaspora businesses to access new credit avenues, critical for their growth.
UBA-UK’s operations are designed to mitigate post-Brexit uncertainties, with Uzoka asserting the bank’s commitment to Africa’s economic integration. "Whatever the outcome of Brexit, our vision for Africa remains unchanged," he added.
