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Nigeria: Major Changes At UBA - New Structure Unveiled
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This Day (Lagos)
13 May 2008
Posted to the web 13 May 2008
Linda Eroke
Lagos
The Board of Directors of United Bank for Africa (UBA) Plc has approved a major repositioning "to fully enable the bank realise the next phase of its strategic growth and global expansion", a statement from the bank yesterday said.
The exercise followed a three-yearly strategic revalidation carried out by the bank, working with McKinsey, the global management consulting firm, on its objective of becoming the leading financial services group in Africa by 2010.
UBA is currently West Africa's largest financial services group with assets in excess of US$14 billion.
The Group has now been structured into six Strategic Business Groups and three Strategic Support groups. All nine Strategic groups report to the GMD/CEO.
The six Strategic Business Groups are: UBA Plc Nigeria-South, UBA Plc Nigeria-North, UBA Capital, UBA International, UBA Retail Financial Services and UBA Products & Segment Banking.
Nigeria, currently UBA's largest market, has been divided into the North and South clusters, each to be led by a Deputy Managing Director.
UBA Nigeria-North will provide banking services to customers within Northern Nigeria and deepen the bank's penetration in this region, while UBA Nigeria-South will provide similar services within the Southern region of Nigeria.
UBA Capital will provide investment banking, asset management, wealth management and merchant banking services with a scope of operations that covers Nigeria, the African continent and global financial centres where UBA Plc has presence. It is made up of nine subsidiary companies that are market leaders in different sub sectors of the Nigerian Capital Market.
Also, UBA International is to spearhead the bank's global expansion plans and continue to deepen the Group's market penetration of the African continent and the global banking arena.
UBA Retail Financial Services is a new service platform established to provide a wide range of financial services targeting non-bank customers across Africa, through non-branch channels such as direct sales agents, telemarketing, internet, consumer outlets, dealers, microfinance banks, etc.
Another group, UBA Global Products & Segment Banking is charged with the responsibility of actively developing market opportunities by designing and offering products, managing segments and service delivery channels, all aimed at serving the current and future needs of the Group's customers.
The three Strategic Support Functions have responsibility for Group Shared Services that "will enable the group exploit the benefits of scale and imbibe more rigorous discipline across business processes", the statement said. "This is designed to enable the delivery of superior operational efficiency, governance standards, controls and superlative customer service," it said.
The Group Operations Office, headed by the Group Chief Operating Officer (GCOO), "will ensure efficient delivery of business infrastructure, operational controls and business oversight across UBA Group Shared Services, to improve overall efficiency and performance in line with group strategy," the bank said.
Group Chief Finance Office (GCFO) responsible for maintaining and managing systems and processes that promote the financial efficiency and financial integrity of the Group's operations, including management information system, performance management, financial and regulatory reporting, financial control and cost management, corporate productivity enhancement, budgeting and associated imperatives.
Group Chief Risk Office (GCRO) will design and manage systems and processes that continuously monitor risk and deliver regulatory compliance in all jurisdictions where UBA operates ensuring that risk is proactively identified and effectively managed across UBA Group.
"We are optimising the potential that exists in our great bank and those of our subsidiary and associated companies in order to remain large yet nimble and responsive to the ever-changing needs of our customers," said Mr. Tony Elumelu, UBA's GMD/CEO.
Mrs. Faith Tuedor-Matt-hews, former Regional Bank Head, Abuja has been appointed Deputy Managing Director Nigeria-North. Tuedor-Matthews has over two decades experience in the Nigerian banking industry. An alumnus of Harvard Business School, she holds an MBA from the University of Aston, Birmingham, UK and a post-graduate Diploma in Marketing from Staffordshire University, UK.
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Phillips Oduoza has been appointed Deputy Managing Director overseeing UBA Nigeria-South, which covers the bank's core banking operations in the South, East and West regions of the country including Lagos State. The former Executive Director, Electronic & Transaction Banking brings more than 23 years of banking experience to his new role. He holds a First Class B.Sc (Civil Engineering) Degree, an MBA (Finance) from University of Lagos and is an Alumnus of the Harvard Business School's Advanced Management Programme.
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