30 November 2012

Nigeria: UBA Named 'African Bank of the Year'

The Banker Magazine, a publication of Financial Times, has named United Bank for Africa Plc (UBA), the 'Bank of the Year', Africa at an event held in London.

The bank also won the country awards for Senegal and Cameroon, bringing the total number of awards received by UBA to three.

A statement from UBA yesterday, said the financial institution carted home the regional award for the continent, 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 recognised and presented with awards in the presence of over 450 leading bankers across the globe," the statement explained.

The awards, according to UBAM further attested to its growing recognition "as the leading pan-African financial services institution and as Africa's global bank."

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.

Explaining the rationale for the awards, The Banker said UBA was chosen on account of the bank's successful turnaround to profitability following the write-offs and clean-up of its balance sheet in 2011.

The Banker also stated 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 in the continent.

Commenting on the awards, Group Managing Director/Chief Executive Officer, UBA, Mr. Phillips Oduoza, said it validated the UBA Group's "leadership position in the continent and lent credence to its expansion across Africa and promotion of industry wide excellence in the global banking community."

Oduoza added: "Winning the three highly coveted awards is a great accomplishment and it also reinforces UBA'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."

Copyright © 2012 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.