United Bank for Africa has extended its operations to the United Arab Emirates with the official launch of its new branch at the Dubai International Financial Centre. The DIFC Branch will operate under the Category Four license and will be regulated by the Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone – the Dubai International Financial Centre. The UBA branch in the DIFC will service corporate and financial Institutions and customers across the Middle East with a core focus on correspondent banking, relationship management and advisory services.
UBA Group will be able to harness opportunities in the Middle East, Africa and South Asia (MEASA), which comprise 72 countries with an approximate population of three billion and a nominal GDP of $7.7 trillion. This reinforces its strong franchise as Africa’s global bank, facilitating trade and capital flows between Africa and the rest of the world. Trade, Commerce, and Investments in Africa are expanding in the Gulf Region and Asia. Leveraging the presence of UBA Group in global financial centers, UBA (DFIC) will enhance the ability of the group to facilitate access of Gulf investors and banks to African markets.