In an event held in London, The Banker Magazine, a publication of Financial Times, has named the United Bank for Africa Plc (UBA) as Africa’s ‘Bank of the Year’. The Bank was also named the best bank in Senegal and Cameroon, bringing the total number of awards received by UBA to three.
According to a statement released by the Pan-African financial institution; “The Bank of the Year’ Award is selected based on the overall performance of the financial institution and the opinion of leading financial analysts from the world’s financial markets. Winners were recognised and presented with awards in the presence of over 450 leading bankers across the globe.”
UBA said it was chosen on account of the bank’s successful turnaround to profitability following the write-offs and clean-up of its balance sheet in 2011. Other reasons for the selection were the notable consolidation of UBA’s business across Africa as well as its innovative cross border payment/remittance products and platforms, which have made trade and financial transactions easier and more convenient in the continent.
Commenting on the accolade, Group Managing Director/Chief Executive Officer, UBA, Phillips Oduoza, said the award validated the UBA Group’s “leadership position in the continent and lent credence to its expansion across Africa and promotion of industry wide excellence in the global banking community.”
“Winning the three highly coveted awards is a great accomplishment and it also reinforces UBA’s collective steadfastness and drive to becoming the bank of choice in Africa, in line with the Bank’s positioning as Africa’s global bank. We dedicate it to all our stakeholders across the continent and are further encouraged to work harder.”
Other regional awardees at the event include Scotiabank-Global Americas, Nordea-Western Europe, Raiffeisen Bank International -Central and Eastern Europe, DBS-Asia\Pacific and Qatar National Bank-Middle East.