United Bank for Africa

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United Bank for Africa
Public: NSE:UBA
Industry Financial Services, Banking, Investment Services
Founded 1949
Headquarters UBA House, 57 Marina, P.O. Box 2406, Lagos, Lagos State, Nigeria
Areas served
Key people
Tony O. Elumelu, C.O.N[1]
Group Chairman
Phillips Oduoza
Group Managing Director & Chief Executive Officer
Kennedy Uzoka
Apollos Ikpobe
Deputy Managing Director
Products Internet banking U-Direct
Mobile banking U-Mobile
Wholesale Banking
Corporate banking
Investment Banking
Consumer Banking
Money Transfer
Debit Cards
Savings Accounts
Current Accounts
Domiciliary Accounts
Non-Resident African Banking
Slogan "Africa's Global Bank"
Website Website

United Bank for Africa Plc (UBA) is a Nigerian multinational financial institution, with business offices in 20 African countries, and also in the United States, United Kingdom and France.


UBA is a large financial services provider in Nigeria with subsidiaries in 20 African countries, with representative offices in France, the United Kingdom and the United States. It offers universal banking services to more than 7 million customers across 626 branches. Formed by the merger of the commercially focused UBA and the retail focused Standard Trust Bank in 2005, the Bank purports to have a clear ambition to be the dominant and leading financial services provider in Africa.[2] Listed on the Nigerian Stock Exchange in 1970, UBA claims to be rapidly evolving into a pan-African full service financial institution.[3] The Group adopted the holding company model in July 2011. As of December 2011, the valuation of UBA Group's total assets was approximately US$12.3 billion (NGN:1.94 trillion), with shareholders' equity of about US$1.07 billion (NGN:170 billion).[4]


Today's United Bank for Africa Plc (UBA) is the product of the merger of Nigeria's third (3rd) and fifth (5th) largest banks, namely the old UBA and the erstwhile Standard Trust Bank Plc (STB) respectively, and a subsequent acquisition of the erstwhile Continental Trust Bank Limited (CTB). The union emerged as the first successful corporate combination in the history of Nigerian banking.[citation needed]

UBA's history dates back to 1948 when the British and French Bank Limited ("BFB") commenced business in Nigeria and the erstwhile STB and CTB both in 1990. Following Nigeria's independence from Britain, UBA was incorporated in 1961 to take over the business of BFB.


UBA is listed on the Nigerian Stock Exchange, where it is publicly traded under the symbol:UBA.

Offshore subsidiaries[edit]

United Bank for Africa in Ghana
United States
  • United States UBA New York – Regulated by the Office of the Controller of the Currency, is a member of the United States Federal Reserve System. Its balance sheet size is in excess of US$1.3 billion.
United Kingdom
  • United Kingdom UBA United Kingdom
  • United Kingdom UBA Capital Europe - Established as UK regulated investment banking operation in January 2008.
  • France UBA France
  • Benin UBA Benin
  • Burkina Faso UBA Burkina Faso
  • Cameroon UBA Cameroon S.A. – Cameroon represents UBA's first operational base in Central Africa, commencing operations in December 2007.
  • Chad UBA Chad
  • Republic of the Congo UBA Congo Brazzaville - Started Operations In January 2011.[5]
  • Democratic Republic of the Congo UBA Congo Kinshasa (DRC)[6][7]
  • Ivory Coast UBA Côte d'Ivoire – UBA CDI effectively commenced business in June 2008.
  • Gabon UBA Gabon
  • Ghana UBA Ghana Limited – commenced operations in 2004 and now operates from 16 branches.
  • Guinea UBA Guinea
  • Kenya UBA Kenya
  • Liberia UBA Liberia – It began operations in July 2008.
  • Mali UBA Mali
  • Mozambique UBA Mozambique
  • Senegal UBA Senegal
  • Sierra Leone UBA Sierra Leone – Commenced active operations in July 2008 in Sierra Leone.
  • Tanzania UBA Tanzania
  • Uganda UBA Uganda Limited – Represents UBA's pioneer country activities in the Eastern and Southern African sub-regions. It commenced operations in May 2008.
  • Zambia UBA Zambia[8][9]

Notable Awards and Landmarks[edit]

UBA Firsts
  1. UBA was the first among international banks to be registered under Nigerian Law in 1961.[10]
  2. UBA is the first Nigerian bank to offer an IPO following its listing on the Nigerian Stock Exchange in 1970.[11]
  3. UBA is the first Nigerian Bank to introduce a Cheque Guarantee Scheme - the first cheque guarantee card in the history of innovative banking services by any Bank in Nigeria, known as UBACARD in 1986.[12]
  4. UBA is the first and only Nigerian Bank to obtain a banking license in the Cayman Islands -1988.[13]
  5. First ever and only Nigeria bank to hit the NGN1 trillion balance sheet size (including contingents).[14]
  6. UBA is the first Nigerian bank to embark on a GDR programme in 1990.[15]
  7. UBA is the First bank in Nigeria to institute a foundation - UBA Foundation; the Corporate Social Responsibility arm of the UBA Group.[16]
  8. UBA Introduced First Visa Dual Currency Debit Card in Nigeria.
  9. UBA and MoneyGram open first dedicated MoneyGram location in Nigeria.[17]
  10. United Bank for Africa (UBA) attained a landmark achievement when it interconnected its 428 branches making it the bank with largest online real time branch network in Nigeria and Africa. An integration process that was completed months below the normal industry average of 36 months.[18]
  11. Successful underwriting of the first 100 percent local funding of an ExxonMobil/NNPC Joint Venture Project.
  12. UBA launches Nigeria's First Cash Deposit ATMs
UBA Awards
  1. Best Customer Care Award by Ghana Banking Awards in 2009.[19]
  2. UBA GIS wins Money Markets' Innovation Award for West Africa [20]
  3. Ranked one of Top 10 banks in sub-Saharan Africa by the Banker magazine published by the Times of London [21]
  4. UBA is the first Nigerian bank according to "executive network strength" as measured by "thetopexecutives"[22]


  1. ^ UBA Appoints New Chairman Archived September 3, 2014, at the Wayback Machine.
  2. ^ "UBA – United Bank for Africa Plc" Black Herald, Showcasing Africa, 10.09.07
  3. ^ UBA, "Group at a glance" 2008 Annual Report
  4. ^ UBA Group Balance Sheet On 31 December 2011
  5. ^ UBA Congo Brazzaville Opens For Business
  6. ^ List of Countries With UBA Presence
  7. ^ UBA Opens Branches In DRC
  8. ^ UBA Zambia Established In 2011
  9. ^ UBA Zambia Seeking Local Banking Licence
  10. ^ UBA Registered Under Nigerian Law In 1961
  11. ^ "UBA, Nigeria's n°1 Bank launches 54 Billion Naira hybrid offer," Symbiotics, "Archived copy". Archived from the original on January 12, 2008. Retrieved May 22, 2009.  09/03/07
  12. ^ "African Centre for Women Report of the Ad Hoc Expert Group Meeting to consider modalities of setting up an African Bank For Women," United Nations Economic Commission for Africa "Archived copy". Archived from the original on August 10, 2009. Retrieved May 22, 2009.  24/08/94
  13. ^ Sarah Rundell, "Hungry for More Market Share," Africa Investor [1][permanent dead link], 01-03-07
  14. ^ "UBA, Nigeria's No.1 Bank launches 54 Billion Naira hybrid offer," Symbiotics, "Archived copy". Archived from the original on January 12, 2008. Retrieved May 22, 2009. 
  15. ^ Ugonna Maduagufor, "Global Depository Receipts," Stock Market Nigeria [2] 30-06-08
  16. ^ About UBA Foundation Archived January 2, 2010, at the Wayback Machine.
  17. ^ Beryl Opondo, "MoneyGram and UBA open first dedicated MoneyGram location in Nigeria," Prudence International Magazine, "Archived copy". Archived from the original on August 11, 2009. Retrieved May 22, 2009. , 23-05-06
  18. ^ United Bank for Africa Makes History,"
  19. ^ UBA Wins 2009 Best Customer Care Award In Ghana Archived August 10, 2009, at the Wayback Machine.
  20. ^ UBA GIS Wins Money Markets' Innovation Award for West Africa In 2008 Archived July 17, 2011, at the Wayback Machine.
  21. ^ UBA Named One of Top 100 African Banks In 2009
  22. ^ Nigerian Top Executives in the Banking Industry, 24-01-15

External links[edit]