UBA to expand operations to Saudi Arabia, France
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has announced its plans to expand operations to Saudi Arabia and France, further solidifying its position as a leading financial institution with a robust international footprint. This strategic move is part of UBA’s broader vision to tap into key global financial markets, enhance its service offerings, and drive long-term shareholder value.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, disclosed this expansion plan during the Full-Year 2024 Investors’ Conference Call held at the UBA Head Office on Thursday. He emphasised that the bank’s international growth strategy is a testament to its financial strength, resilience, and ability to compete on a global scale.
UBA has made remarkable progress in expanding beyond Nigeria, with its operations outside the country now contributing 51.7 per cent of the Group’s total revenue, a significant jump from 31 per cent in 2019.
This growth has been driven by the bank’s strong presence in 20 African countries, as well as in key international financial hubs, including the United Kingdom, the United States, the United Arab Emirates, and now, soon-to-be France and Saudi Arabia.
“This diversification strengthens our resilience and further boosts long-term shareholder value,” Alawuba stated. “We will continue to explore strategic markets that align with our overarching vision.”
The decision to establish operations in France will enable UBA to deepen its engagement with the European financial market and support trade and investment flows between Africa and the European Union. Meanwhile, the planned expansion into Saudi Arabia presents an opportunity to connect African businesses and customers with the Middle East’s growing financial and commercial landscape.
UBA’s international expansion is backed by its strong financial performance in 2024, which saw impressive growth across key indicators. Profit after tax increased by 26.14 per cent, rising from N607.7 billion in 2023 to N766.6 billion in 2024.
Gross earnings surged from N2.07 trillion in 2023 to N3.187 trillion in 2024, reflecting a 53 per cent growth. Profit before tax stood at N803.72 billion, marking a 6 per cent increase from the previous year.
Shareholders’ Funds rose by 68.39 per cent, growing from N2.030 trillion in December 2023 to N3.419 trillion at the end of 2024.
This financial strength has enabled UBA to propose a final dividend of N3.00 kobo per ordinary share of 50 kobo, reinforcing its commitment to rewarding shareholders while pursuing strategic growth.
UBA’s international ambitions are underpinned by its strong focus on technology and innovation. The bank has committed to strategic investments in digital banking, risk management, and customer-centric financial solutions to enhance its global competitiveness.
Alawuba highlighted that the bank will continue to invest in technology-driven banking services, ensuring that customers in both new and existing markets benefit from seamless, efficient, and secure financial solutions.
“We will continue to advance innovation and technological adoption to build sustainable value for shareholders. Our dedicated and motivated workforce will persist in working diligently to maintain our performance and propel the bank forward in delivering high-impact, customer-centric products and services,” he stated.
With the upcoming expansion into France and Saudi Arabia, UBA is set to reinforce its reputation as Africa’s Global Bank, strengthening its ability to serve African businesses and individuals with world-class financial services across multiple continents.
By strategically positioning itself in key global markets, UBA is not only enhancing its international influence but also ensuring long-term growth, resilience, and sustainability in an increasingly interconnected financial landscape.
