Business

UBA mulls expansion to Caribbean

The United Bank for Africa (UBA) Plc has said that it is considering to expand its footprint to the Caribbean.

 

The Group Chairman of UBA Plc and Founder, Tony Elumelu Foundation, Mr Tony Elumelu, disclosed this while addressing the Jamaican Stock Exchange 17th Regional Investments and Capital Markets Conference.

 

Elumelu said: “We are not yet in the Caribbean, but this is something that we will explore when I come to Jamaica physically with the CEO of our UBA America’s operations.

 

“UBA is present in 20 African countries, and in key financial centres of New York, Paris, London, Grand Cayman Island and most recently, Dubai. “UBA is the only Africa bank  with a deposit taking license in the USA having scaled the most stringent regulatory requirements of the US financial services regulators.

 

We have a customer base in excess of 25 million customers and counting across the world.” He noted that a key tenet of Africapitalism is the importance of the public sector in supporting the private sector’s efforts through the creation of the enabling environment that will support entrepreneurs and their businesses.

 

“We must all ensure that the cultural linkages that connect Africa and the diaspora are strengthened not weakened,” he said. In the words of Emperor Hailie Selassie on his visit to Jamaica over 50 years ago: “The people of African origin have immigrated to many parts of the world. Some of them have come to Jamaica, others to other parts of the world.

 

But wherever they maybe they have similar historical experiences and the problems that await them depend on sympathy, and this can be used by all of us as the basis for the establishment of greater cooperation which will be for our mutual benefit.

 

“We have so much to learn from one another, our experiences and knowledge must be harnessed for the upliftment of Africa, the Caribbean and the diaspora everywhere and anywhere.

 

“We must foster collaboration among the African diaspora, no one will develop our communities, but us.

 

“I want to see close linkages between entrepreneurs in Africa and the Caribbean. I offer myself as one of the private sector leaders of AfricaCaribbean in this pursuit. Brothers and sisters, let us join hands to create sustainable wealth and prosperity for all.

“The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively. You know who said this, Jamaica’s very own Bob Marley.

 

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