United Bank for Africa (UBA), which has been operating in Mozambique for several years, has recently opened a branch in the United Arab Emirates (UAE), as one of its strategies to take its services to new markets.

Speaking at the inauguration of the new subsidiary in Dubai, UBA President Tony Elumelu explained that with the group's foray into the Gulf region, the bank continues to focus on its strategic objective of business leadership in the African market.

"Collaborating with our franchises in all 20 African countries and with the major financial centers in London, New York and Paris, UBA Dubai, will facilitate the financing of business operations between the Middle East and Africa, thereby enabling trade and investment financing," he said.

For his part, the Managing Director of the UBA group, Kennedy Uzoka, said that with the inauguration they are formally present in four continents of the world, operating in 24 countries, serving more than 35 million customers.

"We are the only bank with Nigerian origins that has expanded from Nigeria to the United Arab Emirates. Our presence in Dubai demonstrates that UBA is a strong franchise, expanding its reach around the world," he said.

Arif Amiri, Director General of the Dubai International Financial Centre Authority (DIFC), said during the inauguration ceremony that the "UBA(DFIC) attests to the strong relationship between Dubai and Africa.

"It is a good start, as we are eager to get more interaction, channeling more trade and investment into Africa, and with the UBA DIFC, we are closer to achieving our goals," he said.

The UBA branch, located at the International Financial Centre (DIFC) in Dubai, will provide services to corporate and financial institutions as well as all Middle Eastern clients. The bank will focus its actions in the position of correspondent bank, client manager and advisor, regulated by the Dubai Financial Services Authority (DFSA), the regulatory agency for the special economic zone, Dubai International Financial Centre.