The United Bank for Africa Plc plans to expand to Angola and South Africa as the Nigerian economy, its main market, has been affected by the fall in oil prices, said the bank’s chief executive.
Phillips Oduoza, CEO of the Nigerian bank with operations in 19 African countries, told financial news agency Bloomberg that the board of directors was preparing an expansion phase for southern Africa.
The chief executive of United Bank for Africa said that his bank was properly protected against a devaluation of the naira, the currency of Nigeria, “which is something that is not expected to happen again soon.”
The Nigerian government responded last November to the fall in oil prices with a devaluation of the currency, and increase in the benchmark interest rate to 13 percent and reductions in government expenditure.
Besides being present in 19 countries in Africa, the United Bank for Africa Plc also has branches in the US, UK and France. (macauhub/AO)