allAfrica.com: Nigeria: UBA - Repositioning for Global Leadership (Page 1 of 2)

Last Monday, the United Bank for Africa released a new structure preparatory to claiming leadership in the financial services sector of the region. Here, Justus Nduwugwe, captures the essence of the repositioning programme. Excerpts.

The new United Bank for Africa , post consolidation, has provided leadership in the Nigerian financial services sector, through well-focused, well-coordinated and ubiquitous branch network, that makes critics of consolidation swallow their arguments.

The bank is not sitting on its oars as it has continued its march towards African and global leadership. Just last Monday, the bank came out with new structures and positions to achieve its aim. Indeed, "In order to enable it fully realise the next phase of its strategic growth and global expansion, the Board of Directors of United Bank for Africa Plc, West Africa's largest financial services group with assets in excess of US$14 billion, approved a major repositioning exercise".

The head, External Relations, Corporate Communications Division, Mr. Charles Aigbe revealed that the exercise followed a 3-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. The strategic repositioning identified three key outputs: a new operating structure; the appointment of two Deputy Managing Directors and 3 new Executive Directors; as well as the realignment of the portfolios of existing senior management - all aimed at ensuring exceptional service to the bank's over six million customers.

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 have responsibility for customer interface and business development and include: UBA Plc Nigeria-South, UBA Plc Nigeria -North, UBA Capital, UBA International, UBA Retail Financial Services and UBA Products & Segment Banking.

Nigeria, currently the bank'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. UBA Nigeria-South shall 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.

UBA International has been created 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 and unique 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.

UBA Global Products & Segment Banking is the directorate 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. This is designed to enable the delivery of superior operational efficiency, governance standards, controls and superlative customer service. The functions are:

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.

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 Tony Elumelu, GMD/CEO UBA Plc.

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