|
|
Liberia: Increasing Investors Confidence, UBA Says; Economic Nightmare Fizzling Out?
 |
 |
|||||||||
|
||||||||||
|
|
|||||||||
|
||||||||||
The Analyst (Monrovia)
23 July 2008
Posted to the web 23 July 2008
Corruption may largely be blamed for the decade-long slump in the Liberian economy, but most economists agree that part of the problem lies in the collapse of the banking system for various reasons, the main culprit being war.
But if certain key comments and developments regarding the revival of the economy are considered, observers say, it seems likely that Liberia's economy nightmare is fizzling out.
"But is it; will it?" is the reigning question in the minds of long-time readers of Liberia's economic horoscope.
The Managing Director of the newly-dedicated United Bank for Africa (UBA)-Liberia, Ebele Edwin Ogbue, thinks it is. The Analyst Staff Writer, reports.
The Managing Director of UBA-Liberia, Ebele E. Ogbue, said the licensing of United Bank for Africa (UBA) to operate in Liberia indicates growing investor confidence in the Sirleaf Administration.
He emphasized that with this growing confidence is bound to come the revolutionizing of commercial banking in Liberia including improved, made-easy, modernized customer service.
The assertion was contained in the speech Mr. Ogbue, also chief executive officer (CEO) of the bank, delivered last Friday during the opening ceremony of United Bank for Africa (UBA) Liberia at a branch office on Bushrod Island in Monrovia.
He called the opening of UBA-Liberia "the marking of a key event" in the country and proceeded to remind his audience that comprised diplomats and special guests that a new day was dawn for the revival of the Liberian private sector, specifically the banking sector.
"It also marks increasing investors' confidence in Liberia with the emergence and interest of foreign banks in the country.
"We are gathered here today as a result of that confidence and of our desire to strengthen the banking industry as well as provide quality and innovative financial products and services that will cater to the needs of everyone, from the 'pehpeh' driver to the corporate executive of a multinational organization," CEO Ogbue noted.
He said the UBA banking conglomerate sees in Liberia, a great potential for development and growth.
"We see this dear country as brimming with economic potential from the progressive economic policies of this administration, to the rejuvenation and development of civil and corporate bodies, as more and more Liberians in the Diaspora resettle and investor' confidence grows, translating into more jobs and a better lifestyle for its citizens. Today, UBA Liberia is taking its first steps to make this happen," he said.
On what UBA is and what it hopes to offer the Liberian banking market, the UBA-Liberia managing director (MD) revealed that the UBA was an African bank with headquarters in Lagos, Nigeria.
He said the incorporation of the UBA dates back to the early 1960s, noting that UBA-Liberia is the result of the merger of the 3rd largest bank, the old UBA and the 5th Standard Trust.
The Nigerian banking conglomerate has since added to its sleeves the Continental Trust Bank and more recently the Liberty Bank of Nigeria, he revealed further.
"From as far back as 1961 and with the consolidation of these two banks, we have grown from strength to strength and size with a balance sheet of an excess of 14 billion USD as at the end of the last financial year of September 2007.
"We've over 6 million customer accounts and over 700 online branches spread across the length and breadth Nigeria alone. We have embarked on a 3 phased strategy to become the dominant financial services provider in Africa and beyond," he said.
As part of its phased program, he said, UBA has embarked on an expansion drive to bring quality banking products and service to a number of African countries.
According to him UBA currently has branches in Ghana, Ivory Coast, Cameroon, Uganda, Cayman Island, New York in the United States and now, Liberia.
"We've also been issued licenses in S. Leone, B. Faso, Guinea and Mali and have a rep office in China," he said.
Besides successfully annexing viable banks and setting up pioneer branches in key West African countries, he said, UBA has received several awards including the Corporate Social Responsibility Award, 2008; the Money Markets Innovation award, 2008; the Pure Genius Award for the ICT setup, 2007; the Global Excellence Banker Award, 2006; and the Bank of the Year award, 2006.
|
He also used the opportunity to erase the "deliberate or misinformed misconceptions" that given that the UBA is a Nigerian bank, it is a '419 organization', a 'fly by night investor' or have been 'exposed' for fraudulent bank practices.
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Make allAfrica.com your home page | RSS Feed | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Top | Site Guide | Who We Are | Advertising | Search | Subscribe | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Questions or Comments? Contact us. Read our Privacy Statement. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
