Three United Bank For Africa (UBA) subsidiaries, UBA Burkina Faso, Cameroon and Senegal have emerged World’s Best Emerging Market Banks in Africa, according to the Global Finance Magazine report.
“Faced with slowing growth and volatile markets, these banks are star performers under increasingly challenging conditions,” Nigeria’s Guardian newspaper quoted Joseph D. Giarraputo, publisher and editorial director of Global Finance as saying.
The banks were ranked on parameters including asset growth, profitability, strategic partnership, customer service and competitive pricing.
The awards were not reflective of the banks’ size or market influence, but their ability to effective target financial products in markets of operation.
“The banks that Global Finance is honouring may not be the largest or oldest, but they are the best at targeting their products and offerings to the specific markets they serve,” Giarraputo added.
The Magazine is in its 21st year of uncovering top performers from Emerging Markets, which covers regions including Latin America, Central and Eastern Europe, Asia-Pacific, the Middle and Africa.
CEO of UBA West Africa, Oliver Alawuba explained that the awards justified the banking group’s decision to expand its tentacles across the continent.
“In this era of slow economic growth, high markets volatility and rapid changes in the regulatory environments across Africa , banks are facing increasingly challenging operational environments, yet UBA country subsidiaries are able to target their products and services offerings to specific markets that drive the economies of their countries of location,” added Alawuba.
