UBA Plc now a Financial Holding Company

Nigeria’s United Bank for Africa Plc (UBA) announces that it is taking steps to restructure the company and turn its operations into a holding company known as UBA Holdings Plc.

The Bank says the reorganisation is aimed at strengthening its operational excellence and continental aspirations.

“UBA will now be restructured into a Financial Holding Company to be known as UBA Holdings Plc comprising of UBA Plc, UBA Capital Holdings and UBA Africa Holdings as subsidiaries,” a statement on the Bank’s website said on July 18, 2011.

According to the statement, UBA Plc is the commercial bank with international authorisations and it will comprise of the banking operations in Nigeria and New York, and UBA Pensions Ltd whiles all of the “Group’s banking operations/subsidiaries outside Nigeria and across Africa (currently 18 countries) will now be held under UBA Africa Holdings Limited.”

The Group’s non-banking businesses will be under the UBA Capital Holdings Limited, UBA says.

Due to the restructuring, the organisation has appointed a number of persons to head the various subsidiaries.

“Group Managing Director Phillips Oduoza will run the International Bank (UBA Plc) while Victor Osadolor, a Deputy Managing Director, becomes Managing Director of UBA Capital Holdings Limited. Gabriel Edgal and Emeke Iweriebor have respectively been appointed the Managing Director and the Deputy Managing Director of UBA Africa Holdings Ltd,” it says.

Headquartered in Lagos, Nigeria, UBA is a leading Pan African group with banking presence in 19 African countries, New York, London and Paris.

By Ekow Quandzie