United Bank for Africa (UBA) has taken a significant step toward expanding its international footprint by signing an agreement to begin full banking operations in France. The milestone was achieved during President Bola Tinubu’s state visit to France, marking an important move to strengthen economic ties between the two nations.
In a statement released late Thursday, UBA announced that its Chairman, Tony Elumelu, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement received support from the French government and was witnessed by President Tinubu and his French counterpart, Emmanuel Macron.
“This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole and French and European customers transacting with Africa,” Elumelu said at the signing ceremony.
He added, “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.”
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The agreement positions UBA as one of Nigeria’s tier-1 banks operating in France, enhancing its capacity to provide international banking services and fostering stronger trade relations between Africa and Europe. The move reflects UBA’s vision of linking African businesses to the global market through strategic hubs in key global cities.
President Tinubu’s two-day state visit to France is the first official visit by a Nigerian leader to Paris in over two decades. The visit, aimed at deepening economic and diplomatic relations, featured warm cultural exchanges, with President Macron addressing Tinubu in Nigerian Pidgin English.
“Na big honour for France to welcome you for dis state visit,” Macron wrote on social media, highlighting the camaraderie between the two leaders.
With the addition of France, UBA now strengthens its position as a global banking powerhouse, joining cities like London, New York, and Dubai in hosting its operations. The bank’s strategic expansion aligns with its mission to bridge gaps between African markets and the rest of the world.
The development comes at a time when Africa’s financial landscape is evolving, and UBA’s entry into France is expected to boost confidence in African banking and finance on the global stage.
UBA’s entry into the French banking sector symbolizes a commitment to innovation and inclusivity in financial services. As Elumelu noted, the move will not only serve African customers but also foster robust economic ties between Africa and Europe, paving the way for increased trade, investment, and cultural exchange.
This landmark agreement underscores UBA’s role as a trailblazer in African banking, connecting the continent to the world while strengthening its economic influence globally.