UBA hits N1trillion balance sheet (2)
December 18th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Ogbuotobo Chuks
UBA’s branch network of over 460 is the largest in West Africa and the bank has deployed the largest Automated Teller Machines (ATMs) network across the length and breadth of Nigeria, estimated at over 200.
In line with its ambitious aspiration to become a truly global African bank, delivering value to customers wherever they may be, UBA has taken some bold strides into the African continent, with a subsidiary in Ghana that boasts seven branches. It also has an office in the Cayman Islands and is the only sub-saharan African bank with a presence in the United States (New York).
Following its goal to be a global brand, UBA has initiated a number of world class strategic alliances. The bank partnered with UBS AG of Switzerland - the world’s leading Asset Management firm, with a balance sheet size in excess of $2 trillion, to manage a sizeable portion of the Nigeria’s external reserves.
UBA has also established a comprehensive ticketing partnership with Virgin Nigeria and North American Airlines (NAA). In these alliances, Virgin Nigeria and NAA implants are allowed in UBA branches for ticketing purposes while UBA ATMs are deployed in the two airlines’ offices.
In the insurance space, UBA’s partnership with Metropolitan Life of South Africa to develop the life insurance market in Nigeria is unique in the development of bank assurance in the country. The partnership promises to introduce new group life and investment products into the Nigerian market to bridge current supply gaps. This is planned to take off in January 2007.
The bank has entered into a strategic alliance with the United States Mission in Nigeria for the collection of visa fees from Nigerians intending to travel to US including rendering other related retail banking services, among others.
Under the Group umbrella brand, UBA has developed its franchise beyond banking with several diversification initiatives embarked upon in the last year. In line with UBA’s financial services proposition, the member companies of the group are also enjoying or vying for leadership in their respective sectors. In an unparallel move in the history of Nigerian asset management industry, UBA Asset management launched four mutual funds simultaneously in the course of the year, all of which were oversubscribed; UBA Pensions Custodian Ltd became fully operative in 2006 and quickly assumed leadership position, according to the number of PFAs served.
Meanwhile, UBA Global Markets leads its industry in debt trading, underwriting and distribution.
Many of these growth enabling diversification initiatives will begin to yield dividend from the current financial year. Financial analysts believe that UBA has laid a solid foundation for future growth and industry leadership. Having broken the historic trillion naira threshold, it is only a matter of time before Nigerian banks begin to compare directly with their counterparts in South Africa and the rest of the world.
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