The impressive ceremony witnessed by UK and African business leaders, representatives of leading investment banking firms, clients in Europe and key players in the London and African financial markets, took place at the historic Duke of Wellington Arch, Hyde Park, London. The birth of UBA Capital was the result of the substantial equity investment by UBA in Afrinvest Ltd, a privately owned investment banking firm in London specialising in African securities.
L-R: ED UBA Plc,Mr. Chika Mordi, CBN Gov,Prof. Chukwuma Soludo, CEO UBA Capital(Europe),Mr. Phillip Iheanacho, Director UBA Capital(Europe),Mrs. Rose Okwechme and Chairman UBA Capital(Europe),Mr. Tony Elumelu during the launch of UBA Capital in London
This transaction resulted in a name change to UBA Capital (Europe) Ltd, providing UBA (and its subsidiary UBA Global Markets, one of the most innovative local investment banks and leading debt capital market originators and distributors) with a strategic presence in London from which it will be able to distribute primary and secondary securities of African issuers into Europe. In addition, London will act as an important addition to UBA's Pan African asset management business, providing international investors with access to investment opportunities across the African continent. As Africa's global bank, UBA has been expanding from Nigeria where it has attained dominant status, to other parts of West, East and Central Africa. The London affiliate will further extend the Bank's presence outside Africa in addition to its operations in New York and the Cayman Islands.
Leveraging the group's footprints in Africa, UBA Capital (Europe) has extended its range of products and enhanced the liquidity of its existing trade capabilities. Based on competencies built over the years as a London-based independent investment banking firm, UBA Capital is continuing the tradition, providing specialised research and investment advice for London-based institutions interested in the African markets as well as executing services for international institutional clients seeking to deal in African securities. In line with UBA's aspiration to be Africa's global bank providing comprehensive financial services, the mission for UBA Capital is to become the investment bank of choice for African issuers and international institutional investors.
"We are most delighted at the launch of UBA Capital. It marks a significant milestone for us as we leverage this platform for all transactions involving Africa and Africa-related businesses," Mr. Tony Elumelu, the Group Managing Director/CEO, UBA Plc, said.
UBA Plc is the largest banking group in West Africa with a balance sheet of approximately US$15bn and more than 6 million customers across the region. It is a full service financial services institution, offering retail banking, corporate and investment banking, private equity, asset management, stock-broking and custodian services. UBA has an expanding footprint across the African continent, and its local investment banking subsidiary, UBA Global Markets, has rapidly gained a reputation as an innovative originator and leading distributor of securities, having transacted over US$8bn in local securities in the past 18 months. UBA is rated as follows: Fitch A+, GCR AA+ long term and Agusto & Co AA+.
The Group is listed on the Nigerian Stock Exchange and also has an unlisted GDR programme currently administered by the Bank of New York. Managed by a dynamic team of change-drivers led by its Group Managing Director/CEO, Mr. Tony Elumelu, the bank has won many awards over the years, most recently "Africa's Emerging Global Bank" as adjudged by a panel organised by the acclaimed African Banker Magazine.
Culled from This Day online (Friday February 8, 2008)