Nigerian Bank authorised to operate in Mozambique

23 November 2010

Maputo, Mozambique, 23 Nov – The United Bank of Africa, with headquarters in Nigeria, is the most recent bank to receive authorisation from the Bank of Mozambique to operate in the country, as UBA Moçambique, the central bank said Monday in Maputo.

Under the terms of a statement from the Bank of Mozambique, entry into the market by UBA Moçambique increases the number of banks authorised to operate in the country to 16.

The bank, which is of Nigerian origin, is the result of a merger between UBA and the Standard Trust Bank, operates in 17 African countries including Uganda, Kenya, Tanzania and others in East Africa, as well as in New York, London and Paris.

The UBA is currently one of the biggest banks in Africa and has a portfolio of over 7 million customers.

The chairman of the board of UBA, Clement Isikwe, said that the bank would focus on preparing financial solutions on every level, including funding construction of infrastructure and en energy projects, both for the private and public sectors.

In terms of UBA Moçambique’s starting capital, Isikwe did not provide any details, but gave assurances that the group had enough assets to fund all kinds of operations on the Mozambican market, as they currently total US$19 billion. (macauhub)