UBA Kenya to Leverage on Group’s Capacity to Finance Large Transactions

Posted by African Examiner Banking & Finance, Business News, Latest Headlines Thursday, May 17th, 2018

Nairobi, Kenya (AFRICAN EXAMINER) – United Bank for Africa, a leading pan-African financial institution with operations in 20 African countries has assured the players in the private and public sectors in East Africa’s largest economy that its Kenyan franchise is ready and committed to finance key projects and business transactions capable of galvanising the economic development of the country and upscale the standard of living of its people.

The Group’s Executive Director and newly appointed CEO for East and Southern Africa, Emeke E. Iweriebor said this while addressing a press conference at the Intercontinental Hotel in Nairobi on Thursday.

According to him, with the realignment of the Group’s strategy on the region, UBA with an asset base worth over $12 billion and presence in key financial capitals, London, New York and Paris is capacitated to support its customers and their businesses across the world, especially those from Kenya. “UBA Group has strong confidence in Kenya and East Africa as their economies have great potential for growth and development. Consequently, we in UBA Group are convinced that it’s imperative that we dedicate resources, manpower and time to our operations in Kenya, and East African and Southern Africa. That is why we created the region, with the regional office, in Nairobi”. Iweriebor said.

Iweriebor while outlining areas of possible interventions by the Bank said that UBA Group and its Kenyan franchise are ready to help the Governments of Kenya in its Big Four Agenda, especially as it concerns infrastructural development, health facilities and housing and increasing the manufacturing base of the country. He also indicated the Bank’s readiness to support SMEs, which according to him is the catalyst to a sustainable economic development and eradication of poverty. “UBA wants to replicate the interventions we have undertaken in some African countries, in provision of financial support to power and energy sectors, road infrastructure, agriculture, small, medium and large enterprises and entrepreneurship,” Iweriebor said.

He added that UBA, leads innovation in banking in Africa and utilizes digital solutions to support financial inclusion and business activities of individual, SMEs and corporates, highlighting that currently more than 80% of the bank’s transactions are processed through digital and electronic channels.

Also speaking at the media event, Managing Director/CEO, UBA Kenya, Isaac Mwige corroborated Iweriebor, saying that UBA Kenya, leveraging on the Group’s pre-eminence financial standings has capabilities to finance transactions in Kenya, saying he is encouraged by the recent engagements with both private and public sectors in Kenya.

“UBA Kenya wants to become more involved in the lives of individuals and businesses of people of Kenya by providing tailor-made products and services that are targeted at all segments of Kenyan economy,” Just recently, UBA Group signed agreements with some international institutions to support Macro and small-scale businesses across Africa, we want to see businesses in Kenya taking advantage of such opportunities,” Isaac said

About UBA

United Bank for Africa is one of Africa’s leading financial institutions, with operations in 20 countries and 3 global financial centers: London, Paris and New York. From a single country operation in Nigeria, Africa’s largest economy, UBA has evolved into a pan-African provider of banking and related financial services through diverse channels globally.

UBA Kenya is a subsidiary of UBA Plc and licensed by the Central Bank of Kenya. The Bank has been in Kenya since 2009 and has continued to play a critical role in the Kenyan banking industry. UBA Kenya offers a full range of banking products catering for large local corporates, public sector clients and multinational corporations that include trade finance lines, working capital facilities, collection solutions and robust payment platforms.