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United Bank for Africa Plc (UBA) is a multinational pan-African financial services group headquartered in Lagos Island, Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in London, Paris and New York. [ 3 ]
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Elumelu worked in the Nigerian Bank Union Bank as a corps member during his National Youth Service Corps in 1985, before starting his career as a salesman. Elumelu subsequently joined Allstates Trust Bank [10] in 2005 and United Bank for Africa (UBA) was acquired afterwards. [11] On his early career, he has said:
The bank provides personal financial services, commercial banking, private banking and asset management services, as well as corporate finance, venture capital and insurance services. It has 68 branches in Singapore and a network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. [8]
The bank was founded by the state-owned National Commercial Bank of Albania (NCBA) and a group of Islamic investors. In 2000 NCBA was privatized and its 40% stake in UBA was acquired by the Ministry of Finance. In March 2009 the Ministry of Finance agreed to sell 40% of its shares to the Islamic Development Bank. [2]
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
NETS operates Singapore's national debit scheme enabling customers of DBS Bank, POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, CIMB and UOB to make payments using their physical/contactless ATM cards or mobile devices at more than 120,000 acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets.
As DMD/CEO, UBA Africa in 2021, UBA won the Banker's award for African Bank of the Year award for year in 13 countries. [ 11 ] In August 2022, Oliver Alawuba assumed his appointment as the Group Managing Director of United Bank for Africa following the retirement of Kennedy Uzoka. [ 12 ]