By Peter OBIORA investadvocate

Nov 22 2010 17.00 GMT

Lagos (INVESTADVOCATE) – Africa’s Global Bank, United Bank for Africa Plc (UBA) has reported it has commenced operations in Mozambique Monday November 22 2010.

 

UBA made this affirmation in a notice it issued to the Nigerian Stock Exchange NSE the same date in Lagos Nigeria.

 

“The Bank has notified The Exchange that in furtherance of its expansion strategy, it will commence full scale banking operations in Mozambique on Monday, November 22, 2010” the notice said.

 

UBA had affirmed that with the opening of UBA Mozambique, it brings the Bank’s operations to 17 in Africa and across East and Southern African countries namely Uganda, Kenya, Tanzania, Zambia and now Mozambique.

 

This is in addition to a global network based in London, New York and Paris, making UBA the natural home for African banking business for individuals, corporate bodies and Governments.

 

“The commencement of UBA Mozambique with its Head Office located at Praca 16 de Junho, 312 Malanga, Maputo, followed regulatory approval by Financial Authorities in Mozambique” UBA said.

This is coming on the heels of a Statement from the Bank announcing adoption of a Holding Company model which would drive operational efficiency, support its ambitious growth strategies and be a significant driver of shareholder value, while complying with the guidelines mandated by the Central Bank of Nigeria (CBN) for the separation of banking and non-banking financial service businesses.

UBA had affirmed in the Statement that the new structure streamlines the Group’s operating model, permitting the UBA Group to better serve key market segments, providing superior and evermore personalised services to  customers and driving value for shareholders.

 

“The new holding company will ensure strategic, operational and brand synergies are maintained, whilst underlining renewed management focus on all customer segments” the Statement had said.

 

This is part of the Banks strategy in replacing its universal banking license with an international banking license.