For forty years, UBA America, the United States branch of United Bank for Africa (UBA) Plc, has been at the forefront of fostering and strengthening the economic and cultural ties between Africa and the United States.
A pivotal player in the banking industry, UBA America not only facilitated seamless financial transactions but has also championed initiatives that promote mutual growth and understanding.
Following its establishment in 1982, as a representative office in New York, the bank was granted a federal banking license to operate as a federal branch in 1984, having met all the conditions to begin full operations.
Interestingly, the federal banking licence conferred by the United States on UBA America gave the bank the same powers and privileges as a U.S. national bank, and despite the rigorous scrutiny and examination that UBA America has regularly been subjected to, especially by the two regulators known for their comprehensive oversight – the Central Bank of Nigeria (CBN) and the Office of the Comptroller of the Currency (OCC) – UBA America has evolved to become a pivotal player in the financial sector, bridging the gap between Africa and the United States.
Over the past four decades, UBA America has consistently provided innovative financial solutions, catering to the diverse needs of African banks, global corporate and development organizations, offering payment services, trade finance solutions, loan services through primary origination and risk participation in syndicated transactions, treasury and foreign exchange solutions.
Oliver Alawuba, UBA’s group managing director/chief executive officer, who noted the celebration is monumental, especially as it coincides with the 75th anniversary of the UBA brand, said the bank has been resolute in its commitment to adhere to the principles of sound corporate governance in the United States and will continue to break barriers in the provision of innovative financial solutions to its clients across the globe.
He said, “The success story of UBA since coming into existence 75 years ago, is a testament to the vision and sheer determination that deserves commendation, and UBA America at 40 is not just a celebration of longevity, but also a reflection of the bank’s significant contributions to the financial industry and the communities we serve.
“UBA’s vision has always been to create value, promote growth, and foster a strong and resilient financial eco-system and, UBA America exemplifies this vision. We are proud of what has been achieved over the past four decades and are confident that UBA America will continue to play a crucial role in our global strategy,” he noted.
Sola Yomi-Ajayi, reflecting on the journey so far, the chief executive officer of UBA America and group executive director for international banking, said, “Celebrating 40 years of UBA America is a testament to our resilience, adaptability, and commitment to Africa. UBA is not just about banking, we are committed to ensuring the sustainability of the African continent through the promotion of financial inclusion, forging strong partnerships on the continent while also providing access to the global financial markets.”
Continuing, she said, “We have continuously evolved to meet the changing needs of the financial landscape, and we remain dedicated to providing exceptional service and innovative solutions that empower our clients to achieve their financial goals. As we look to the future, we are excited about the opportunities ahead and the continued growth of UBA America.”
While taking time to appreciate the hard work of its staff and dedicated employees, Yomi-Ajayi, who is also the executive director/CEO UBA International, noted that as UBA America commemorates this remarkable milestone, the bank remains committed to excellence, innovation, and regulatory compliance.
