The Banker Magazine, a publication of the Financial Times, has named United Bank for Africa Plc (UBA) the African Bank of the year.
The award was given to the bank yesterday in London at the Banker Awards ceremony, a statement issued by Charles Aigbe, the Divisional Head, Marketing and Corporate Relations Directorate of UBA said.
The statement said UBA will be joining the ranks of other regional winners like Scotiabank-Global Americas, Nordea-Western Europe, Raiffeisen Bank International - Central and Eastern Europe, DBS-Asia\Pacific and Qatar National Bank-Middle East.
The "Bank of the Year" is selected based on the overall performance of the financial institution and the opinion of leading financial analysts from the world's financial markets. Winners were recognized and presented with awards in the presence of over 450 leading bankers across the globe.
UBA has also won the country awards for Senegal and Cameroon, bringing to three the number of awards received by the bank.
According to the statement, the awards were received by the bank's Deputy Managing Director, Mr. Kennedy Uzoka; Managing Director, UBA Cameroon, Mr. Georges Wega; Managing Director UBA Capital Europe, Mr. Ebele Ogbue; and Head UBA Representative Office Paris, DeMontalivet Edouard.
The Banker Magazine said UBA was chosen on account of its successful turnaround to profitability following the write-offs and clean-up of its balance sheet in 2011.
It also said that other reasons for the selection of UBA were the notable consolidation of UBA's business across Africa as well as its innovative cross border payment/remittance products and platforms, which have made trade and financial transactions easier and more convenient on the continent.
Commenting on the awards, Group Managing Director/CEO, UBA Plc, Mr. Phillips Oduoza, said they validate UBA Group's leadership position in the continent and lend credence to its expansion across Africa and promotion of industry wide excellence in the global banking community.
"Winning the three highly coveted awards is a great accomplishment and it also reinforces UBA Plc's collective steadfastness and drive to becoming the bank of choice in Africa, in line with the bank's positioning as Africa's global bank. We dedicate it to all our stakeholders across the continent and are further encouraged to work harder," he said.