With the opening of its new branch in the Dubai International Financial Centre, the United Bank for Africa (UBA) has expanded its activities to United Arab Emirates (DIFC).
The Dubai Financial Services Authority (DFSA), the financial regulatory body of the special economic zone – the Dubai International Financial Centre – will oversee the operation of the DIFC Branch under the Category Four licence.
According to a statement from the bank, the UBA office in the DIFC will provide services to corporate and financial institutions as well as clients throughout the Middle East with a primary focus on correspondent banking, relationship management, and advisory services.
The Middle East, Africa, and South Asia (MEASA), which consists of 72 nations and has a population of over three billion people and a nominal GDP of $7.7 trillion, present prospects that the UBA Group will be able to capitalise on with this new growth.
This strengthens its established reputation as the global bank for Africa, facilitating capital and trade movements between Africa and the rest of the globe.
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