United Bank for Africa (UBA) has secured a landmark deal to begin full banking operations in France, marking a significant milestone in its expansion strategy. The agreement was reached during the state visit of President Bola Tinubu to France on Thursday.
Agreement signing activities witnessed by President Tinubu and Macron
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UBA Group Chairman Tony Elumelu signed the deal in the presence of President Tinubu and French President Emmanuel and Finance Minister Antoine Armand, further solidifying the collaboration between the two nations.
Speaking at the signing ceremony, Elumelu said, “This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole and French and European customers transacting with Africa.”
“Expanding into France is a natural progression, with Paris serving as our European Union hub as we continue to bring Africa and the world together through innovative financial solutions. Paris will join London, New York, and Dubai as a critical component of our unique global network,” he added.
This agreement allows UBA to join Nigerian tier-1 banks to operate a banking presence in France.
President Tinubu in France to strengthen bilateral relations
President Tinubu’s state visit to France, the first of its kind in over 20 years, is aimed at enhancing political and commercial relations between the two nations. He landed in France on Thursday for a two-day state visit. The French President, Emmanuel Macron, welcomed Tinubu in a personal message, emphasising the shared cultural ties between the two countries.
In a cordial welcome in Nigerian Pidgin English, Macron emphasised the two presidents’ shared cultural similarities.
“Na big honour for France to welcome you for dis state visit,” he wrote on social media.
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UBA’s global network: A growing presence across continents
With the expansion into France, UBA strengthens its worldwide banking network, which now employs 25,000 people in 20 African countries and four international locations. The bank serves over 45 million customers, positioning itself as one of Africa’s largest employers in the financial sector.
With its development, UBA hopes to improve its services for both European clients doing business in Africa and African clients operating in Francophone markets.