The United Bank for Africa (UBA) Plc on Thursday announced that all its African subsidiaries are now on firm footing as they have been contributing maximally to the group’s profit margin.
The bank said its African operations, specifically, have contributed close to 50 per cent of the group’s earnings, leveraging on 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 of UBA Africa, Abiola Bawuah, disclosed this while addressing journalists from across Africa during a hybrid media parley on Thursday.
She also highlighted the impact of devaluation and double digit inflation in Nigeria and a number of other African countries where the bank operates, adding that the subsidiaries have been performing well, contributing significantly to the growth and development of trade, infrastructure and finance on the continent.
“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.
“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,” Mrs Bawuah said.
Infrastructure Financing
In the area of infrastructure financing, she noted that the bank 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,” she said.
She noted that in the last few years, the bank has invested heavily and supported key governments of various African countries with over $1 billion in infrastructural development, especially in roads, hospitals, health, power and other critical sectors.
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According to her, the bank has contributed massively in promoting trade in Africa and has partnered with the African Continental Free Trade Area (AfCFTA).
“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,” she said.
Earlier in the year, Mrs Bawuah, a Ghanaian national, was appointed as the first female CEO of UBA Africa.
Her appointment, according to the bank, further demonstrates UBA’s commitment to diversity. The UBA Group Board now includes eight female Directors.
Before her appointment, Mrs Bawuah was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Côte d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone.
