21 January 2009

Africa: UBA Acquires Continental Bank of Benin Republic

Lagos — United Bank for Africa (UBA) Plc, Africa's global bank has acquired 56.4% shares previously owned by the Government of Benin Republic in Continental Bank of Benin thus brightening the optimism of its commencing full scale banking operations in the French speaking West African country.

The signing ceremony in Cotonou, capital of Benin Republic was witnessed by a delegation from the United Bank for Africa (UBA) Plc led by Mr. Rasheed Olaoluwa, CEO UBA Africa and government led by the Minister of State, Mr. Pascal Koupaki.

UBA Plc had in late 2008 similarly acquired majority stake in the state owned Banque Internationale du Burkina (BIB) thus paving way for the bank's extension of its brand into the Francophone West African countries.

Commenting on the most recent acquisition by the Group, Mr. Rasheed Olaoluwa, CEO, UBA Africa said, "The acquisition of the Continental Bank of Benin has already been approved by both the Central Bank of Nigeria and the Banking Commission UEMOA.

The event is consistent with the commitment of the UBA Group to extend its brand presence across Africa, and is poised to bringing the number of its presence in African countries in 2009 to at least 25, assuring that plans are already in place to commence operations in other key financial markets in the continent for takeoff of its operations.

"Apart from Nigeria, UBA Plc has expanded its operation to 8 African countries including; Ghana, Liberia, Cote D'Ivoire, Sierra Leone, Uganda, Cameroon, Liberia, and Burkina Faso, with presence in key global financial markets such as New York and London.

UBA's brand positioning as Africa's global bank is an effective touchstone that facilitates market acceptance even before consumers have the opportunity to experience its products.

Expectedly this will be brought to bear in Burkina Faso as has been the case in other geographies in Africa where UBA quickly has become one of the key providers of financial services.

UBA Plc is one of the leading financial services group in Africa providing a full range of solutions and financial services to over six million customers spanning all market segments.

Customers of the bank are able to enjoy walk-in services, through the bank's expansive retail distribution network of over 700 business offices, as well as remote services through electronic channels.

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