- The United Bank for Africa Group has signed an agreement to begin full banking operations in France
- The agreement was signed as part of President Bola Tinubu’s state visit to France
- UBA Group Chairman, Tony Elumelu, said the agreement is to ensure seamless international banking services for the bank’s customers
The United Bank for Africa (UBA) Group has signed a business cooperation deal with the French government to commence full banking operations in France.
This information was disclosed in a statement by the bank, issued late on Thursday, November 28.
The statement noted that the Chairman of UBA Group, Tony Elumelu, signed the deal with Antoine Armand, the French Finance Minister.
Elumelu signed the agreement as part of President Bola Tinubu’s state visit to France in the presence of President Tinubu and French President, Emmanuel Macron.
At the signing ceremony, Elumelu said the partnership is part of the Group’s mission to ensure seamless international banking services for customers across its franchise area.
He said, “This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa.
“Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York, and Dubai, as a critical component of our unique global network.”
UBA is expanding its tentacles
UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.
The pan-African banking Group operates in 20 African countries, the United Kingdom, France, and the United Arab Emirates (UAE). It is the only African bank with a commercial deposit-taking presence in the United States.
UBA provides retail, corporate, commercial, small and medium-scale enterprises (SME), wholesale, internet and consumer banking services.
The financial services group has made significant strides and is one of the leading groups in Nigeria. In the first quarter (Q1) 2024, the group’s retained earnings crossed the N1 trillion mark on the back of its net income, which increased by 166 per cent year-on-year to N142.6 billion from the N53.6 billion recorded in Q1 2023.
The group’s profit before tax also increased by 155 per cent to N156.3 billion from N61.4 billion it recorded in Q1 2023, while its net interest income grew by 151 per cent to N300.7 billion from N119.6 billion recorded in Q1 2023.
The Group may well be referred to as Tony Elumelu’s darling child. This is not surprising, given the number of shares he owns in the bank and the group.
It is one of the many businesses linked to the Nigerian billionaire business mogul.
CEO Steeze: Tony Elumele shows he’s got it in these 5 fashion styles
Meanwhile, TheRadar reported that one thing that is probably synonymous with Tony Elumelu is that he is a consummate businessman, being the founder and Group Chairman of many companies.
However, beyond sitting on the board of chains of businesses in Nigeria and across the globe, Tony Elumelu is also a fashion inspiration. A stroll through his Fashion Week-esque Instagram page is all the conviction you need.
