The United Bank for Africa (UBA) has entered into a pivotal agreement with the French government to establish full-scale banking operations in France.
The move represents a major step forward in UBA’s mission to connect Africa to the global financial system, marking a new chapter in the bank’s international expansion strategy.
The agreement was formalized during President Bola Tinubu’s state visit to France, with Tony Elumelu, Chairman of UBA Group, signing the deal alongside Antoine Armand, France’s finance minister. The ceremony was witnessed by both President Tinubu and French President Emmanuel Macron.
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In a statement, UBA described the deal as a “significant indication of support by the French Government for the development of UBA’s full banking operations in France,” underscoring the growing collaboration between Africa and Europe.
Tony Elumelu highlighted the importance of this expansion in his remarks at the signing ceremony.
“This partnership reinforces UBA’s commitment to providing seamless international banking services for its customers—not just across the 11 Francophone African countries it serves, but throughout Africa; and French and European customers transacting with Africa,” he said.
Elumelu also positioned Paris as a key addition to UBA’s global network.
“Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together through innovative financial solutions. Paris will join London, New York, and Dubai as a critical component of our unique global network,” he stated.
A Broader Trend of Nigerian Banks Expanding Abroad
UBA’s move into France reflects a growing trend among Nigerian financial institutions establishing a foothold on the global stage. Experts have noted that this trend was pioneered by the late Herbert Wigwe, the former CEO of Access Bank, whose transformative leadership laid the foundation for Nigerian banks’ international ambitions. Wigwe’s legacy of global expansion is believed to have inspired other institutions to explore and penetrate foreign markets.
Under Wigwe’s tenure, Access Bank grew from a mid-sized Nigerian bank into a leading Pan-African institution with operations spanning several continents. His efforts have been widely credited with opening doors for Nigerian banks to compete on the global stage.
Economic analysts and banking experts have hailed UBA’s expansion as a testament to the growing confidence of Nigerian financial institutions in their ability to operate successfully in highly competitive international markets. They see this trend as not just an economic milestone but also a demonstration of Nigeria’s increasing influence in global finance.
What This Means for UBA and Nigeria
UBA’s expansion into France is expected to facilitate better financial services for Francophone African countries while providing European customers with seamless access to African markets. The move strategically positions Paris as a hub for UBA’s European Union operations, complementing its existing presence in global financial centers like London, New York, and Dubai.
The development also underscores Nigeria’s commitment to enhancing its financial services sector as a catalyst for broader economic growth. It is believed that UBA and other Nigerian banks are playing a crucial role in deepening trade, investment, and financial inclusion across continents by fostering connections between Africa and Europe.
UBA operates in 20 African countries and has established a robust presence in major financial hubs, offering retail, commercial, and institutional banking services. With over 25,000 employees and a customer base exceeding 45 million, UBA is one of Africa’s largest employers in the financial sector.
With France serving as UBA’s new EU hub, the bank is expected to unlock new opportunities for African businesses and European investors, further cementing its position as a trailblazer in international banking.