Leadership (Abuja)
Justus Nduwugwe
18 December 2007
Abuja — The United Bank for Africa UBA) Plc, Africa's global bank, has launched a new subsidiary, UBA Prestige Bank to cater to the peculiar financial services needs of high income earners.
A statement issued yesterday by Mr. Ikem Okuhu of the bank's corporate affairs unit disclosed that the new subsidiary, which already has five business offices in key upscale areas of Lagos, will also be extended to other metropolitan cities in the country.
It added that the subsidiary with significant catchments of the mass affluent will, in addition to the regular banking services, also offer credit management, treasury and foreign exchange, offshore/onshore deposits service, investment management mortgages, wealth management as well as retirement planning services to its clients.
UBA Prestige Bank, says Ms. Funmi Omitowoju, chief executive officer of the new subsidiary, is the first of its kind in Nigeria and was created in line with the UBA Group's vision of providing best-in-class banking services to all categories of persons, taking into account, their peculiar income levels, lifestyle and aspirations.
Ms Omitowoju said UBA understands the challenges of financial planning challenges that confront people in the society and promised the new outfit will offer sound financial planning services which enable a customer "keep a tight leash on his finances whilst ensuring that his or her portfolio is constantly multiplying, thereby creating a clear path for complete financial independence."
"Just as our needs are different and unique, so also are the solutions to them. UBA Prestige Bank will look at customer needs from a fresh perspective. We designed our business offices with a unique ambience that emphasise comfort and privacy and help provide an environment for personalised service delivery," she stated.
Also speaking at the occasion, the chief operating officer of UBA Prestige, Mr. Emma Okoro, revealed the intention of his team to move banking business beyond the regular day-to-day transactions to other platforms that would add more value to customers personal and business needs.
Mr. Okoro said the bank is looking at a growing middle to high income earners in the economy, including people in paid employment and the self employed who have a minimum annual income of N5 million and above. Each customer, he stated, will be given access to a financial consultant and a relationship manager that will work as personal financial partners with each customer to give the best value.
Those who witnessed the launch of UBA Prestige expressed their delight at the epochal event. Speaking to newsmen during the event, former governor of Ekiti State , Otunba Niyi Adebayo praised the UBA Group for envisioning such a business niche, saying the development will go a long way in redefining standards in the Nigerian banking landscape.
"What we are seeing here today is world-class and this goes to show that UBA's claim of Africa 's global bank is reflected in the way the do business and in the kind of innovations they bring into the Nigerian market."
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