13 March 2007

Nigeria: UBA Opens New York Office

The Central Bank Governor, Professor Chukwuma Soludo, on Friday declared open the new office of United Bank for Africa Plc at the Rockefeller Plaza, located in the heart of New York's financial district.

Speaking at the occasion, the Managing Director/CEO UBA Plc Mr. Tony Elumelu said the event was an important milestone for the bank and thanked the CBN Governor for making out time to open the new office.

A statement from the bank quoted Elumelu as saying that "New York is the centre of UBA's North American business and is a springboard for an African focused franchise, aimed at companies and individuals located in this part of the world who do business and maintain links with Africa"

"UBA is the only sub-Saharan African bank operating in the United States of America and is regulated by the office of the Comptroller of Currency. With a balance sheet size approaching 1.5 billion USD, UBA New York branch provides banking services specifically in the following strategic business areas; corporate banking with focus on energy, treasury and propriety trading, missions banking, correspondence banking and trade finance as well as remittances," the statement said.

"The event comes at a time when the bank is in the capital market to raise N54 billion through an hybrid offer of 1,127,400,000 ordinary shares of 50k each offered at N35 per share to the investing public and a rights issue of 423,600,000 ordinary shares of 50k each at N34 per share, to existing shareholders."

"With less than 2 weeks into the capital raising exercise," the statement said "there has been a rush for the UBA shares on offer as investors are keen on buying into the UBA success story."

Copyright © 2007 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.