New York, September 19, 2024
United Bank for Africa Plc (UBA) is marking a significant milestone as it celebrates 40 years of its American branch, UBA America, which has played a pivotal role in strengthening economic and cultural ties between Africa and the United States.
Established initially as a representative office in New York in 1982, UBA America was granted a federal banking license to operate as a full-fledged branch in 1984. This licensing enabled UBA America to offer a wide range of financial services equivalent to those of a U.S. national bank, including payment services, trade finance, loan services, and foreign exchange solutions.
Over the past four decades, UBA America has grown into a prominent player in the financial sector, serving the needs of African banks, global corporations, and development organizations. Its presence has significantly contributed to fostering connections between African and American financial markets.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, praised UBA America for its innovative financial solutions and high standards of corporate governance. “The success story of UBA over the past 75 years is a testament to our vision and determination. UBA America’s 40-year journey is not just about longevity but also about its substantial contributions to the financial industry and the communities we serve,” Alawuba said in a statement.
Sola Yomi-Ajayi, CEO of UBA America and Group Executive Director for International Banking, highlighted the branch’s achievements and ongoing commitment. “Celebrating 40 years of UBA America underscores our resilience and commitment to Africa,” Yomi-Ajayi remarked. “We are dedicated to promoting financial inclusion and forging strong partnerships, while also providing access to global financial markets.”
Yomi-Ajayi also expressed gratitude for the dedication of the bank’s staff and reiterated UBA America’s commitment to excellence, innovation, and regulatory compliance.
The anniversary celebrations reflect UBA America’s enduring impact on both continents, reinforcing its role in facilitating cross-continental economic interactions and supporting development initiatives.