mardi 11 mai 2010

Ghana - UBA: Our Africa expansion is our future jewel, says Elumelu

Tuesday, 11 May 2010 01:20 Anonymous
Tony Elumelu, group managing director/chief executive officer, United Bank for Africa (UBA) plc says the bank’s expansion in line with its vision, has provided it with a solid platform for future growth and profitability as well as the ability to drive economic development across the continent.
Elumelu, who was addressing shareholders at the 48th Annual General Meeting (AGM) of the bank held at the Transcorp Hilton Hotels, Abuja on Monday, May 10, 2010, noted that UBA in spite of the ripple effect of the global economic crisis on economies in Africa, grew its operational base in the continent by seven bringing the total number of its countries of presences to sixteen. These countries include Nigeria, Ghana, Uganda, Kenya, Tanzania,
Cameroon, Côte d’Ivoire, Liberia, Sierra Leone, Senegal, Burkina Faso, Chad, Benin, Guinea, Kenya and Gabon. In what appeared to be his valedictory address to shareholders on account of his retirement from the bank, as a result of the pegging of the tenure of bank CEO’s to 10 years, Elumelu said that UBA is also in the process of establishing in China and the United Arab Emirates (UAE) to help facilitate trade with Africa.
“With our growing global reach, we will support our customers’ international businesses and participate more actively in the global financial arena. The global economic downturn and financial crisis have changed the landscape significantly, offering considerable advantages to banks like ours. A number of the large banking mandates we won last year were achieved in spite of stiff competition from global peers. Our ability to expand in this way augurs well for the growth of our corporate business”, he said.
He assured that though he will be retiring from the bank following the recent policy of the Central Bank of Nigeria (CBN), his successor, Phillips Oduoza, who has been announced as the group managing director designate, will drive the bank to even greater heights as a truly global financial brand. He enjoined the shareholders to extend the kind of support he got during his stewardship of the bank to the group managing director designate when he assumes office on August 1, 2010.
Elumelu has been UBA helmsman since the 2005 merger and under his leadership the bank recorded numerous milestones and achievements. Some of these in the last financial year, include the Launch of Africash and Afritrade products to facilitate swift and cost effective money transfers across Africa, the signing on of Western Union Money Transfer service, thus becoming the first and only bank in Nigeria to be an agent of the two largest global money transfer operators, and the expansion of its operations to 16 African countries.
Also worthy of mention is the novel initiative in customer service embarked by UBA when it launched the Group Shared Services (GSS) platform, designed to unlock scale of economies. This first of its kind project is transforming customer service delivery across the group.
As a leading financial services institution in Africa, the bank in 2009 was Arranger and Lead Underwriter of a USD265 million loan to Nigerian National Petroleum Corporation/Mobil Producing Nigeria Unlimited for the Natural Gas Liquid II Supplemental Refinancing. In a similar transaction, the bank acted as Lead arranger and underwriter for N18.5 billion Imo State government of Nigeria Bond, in demonstration of its ability to pursue disciplined growth and serve customers

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