United Bank for Africa

Corporate brand

United Bank for Africa Plc (UBA) is a Nigerian-rooted pan-African banking group serving individuals, businesses, governments and international organizations across Africa and selected global markets.

Last updated October 16, 2026

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Overview

United Bank for Africa Plc, commonly known as UBA, is a Nigerian banking group with a pan-African operating model and international offices. Headquartered in Lagos Island, Lagos, the group presents itself as “Africa’s Global Bank” and combines commercial banking, retail banking, corporate and institutional banking, payments, digital financial services, and related capital-markets activities. Its principal banking franchise is organized around subsidiaries across a broad range of African markets, while representative and operating offices extend the brand’s reach to the United Kingdom, the United States, France, and the United Arab Emirates. The modern UBA traces its legal and operating history to the transition from colonial-era banking to Nigerian ownership and management. The British and French Bank Limited began operating in Nigeria in 1948 as a subsidiary connected with Banque nationale pour le commerce et l’industrie of Paris. After Nigeria became independent, United Bank for Africa was incorporated on 23 February 1961 to take over the business of the British and French Bank. UBA subsequently developed into one of Nigeria’s major banks and became an important participant in the country’s financial system. A major capital-markets milestone came in 1970, when UBA listed its shares on the Nigerian Stock Exchange. The listing is widely described in the reference material as the first initial public offering undertaken by a Nigerian bank. Public ownership and access to domestic capital helped establish UBA as a nationally significant financial institution and created a platform for later expansion. The current group structure was shaped by the 2005 merger between the original United Bank for Africa and Standard Trust Bank, a bank incorporated in 1990. Completed on 1 August 2005, the transaction was among the largest mergers completed on the Nigerian Stock Exchange at the time. UBA continued consolidating afterward, acquiring Continental Trust Bank in 2005 and Trade Bank in 2006. The latter had been placed into liquidation by the Central Bank of Nigeria. In 2007, the group completed a combined public offering and rights issue and acquired three additional liquidated institutions: City Express Bank, Metropolitan Bank, and African Express Bank. It also acquired Afrinvest UK and rebranded that business as UBA Capital, UK. The group’s consolidation and expansion continued in 2008 with the acquisition of Gulf Bank and Liberty Bank. These transactions reinforced UBA’s domestic scale while supporting a broader ambition to build a recognizably African banking brand rather than remain solely a Nigerian institution. Over time, the group established or expanded subsidiaries in West, Central, East, and Southern Africa. Its network now covers markets including Ghana, Côte d’Ivoire, Senegal, Uganda, Kenya, Tanzania, Zambia, the Democratic Republic of the Congo, and Mozambique, among others. UBA has also pursued international connectivity for African customers, companies, and institutions. In December 2021, it received a banking license to begin operations in the United Arab Emirates. In November 2024, it opened full banking operations in France, complementing its international presence in London and New York and its Paris representation. The group’s present proposition is based on connecting African markets with one another and with global financial centers through correspondent banking, cross-border payments, corporate banking, trade finance, retail accounts, cards, lending, treasury services, and digital channels. The bank is regulated in Nigeria as a commercial bank by the Central Bank of Nigeria and its shares trade under the symbol UBA on the Nigerian Exchange. Tony Elumelu is identified in the reference material as group chairman, while Oliver Alawuba is identified as group managing director and chief executive officer. UBA remains an active, publicly listed financial-services group whose identity is closely associated with Nige…

History

United Bank for Africa’s history begins with the development of international and colonial banking in Nigeria. The British and French Bank Limited commenced Nigerian operations in 1948. It was associated with Banque nationale pour le commerce et l’industrie in Paris, which had transformed its London branch into a separate subsidiary for the Nigerian market. The bank’s ownership also included Banque Nationale de Credit and the British investment firms S.G. Warburg and Company and Robert Benson and Company. Following Nigerian independence, United Bank for Africa was incorporated on 23 February 1961 to take over the business of the British and French Bank. The new institution became part of the emerging Nigerian banking sector and gradually built a substantial domestic franchise. Its development reflected the wider transition from foreign-controlled banking structures toward institutions operating within Nigeria’s independent economic and regulatory environment. In 1970, UBA listed its shares on the Nigerian Stock Exchange. The event is described in the reference material as the first initial public offering by a Nigerian bank. The listing gave UBA access to domestic equity capital and made it one of the country’s most visible publicly owned financial institutions. The group’s modern form was created by the merger of UBA and Standard Trust Bank on 1 August 2005. Standard Trust Bank had been incorporated in 1990, while the original UBA was already one of Nigeria’s largest and oldest banks. The transaction was one of the largest mergers completed on the Nigerian Stock Exchange at that time. It created a stronger platform for national consolidation and regional expansion. UBA added Continental Trust Bank in 2005 and Trade Bank in 2006. Trade Bank was under liquidation by the Central Bank of Nigeria when UBA acquired it. In 2007, the group completed a combined public offering and rights issue and acquired three other liquidated banks: City Express Bank, Metropolitan Bank, and African Express Bank. UBA also acquired Afrinvest UK and changed its name to UBA Capital, UK, extending the group’s activities into related financial services outside traditional commercial banking. The consolidation program continued in 2008 with the acquisition of Gulf Bank and Liberty Bank. These acquisitions strengthened UBA’s Nigerian presence and were part of a broader effort to create a large, competitive African banking group. The bank subsequently expanded through subsidiaries across West, Central, East, and Southern Africa. Its network came to include markets such as Ghana, Benin, Côte d’Ivoire, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra Leone, Mozambique, Senegal, the Democratic Republic of the Congo, the Republic of the Congo, and Mali. The international strategy also developed beyond Africa. UBA maintained offices in London, Paris, and New York, and it received a license in December 2021 to commence banking operations in the United Arab Emirates. In November 2024, it opened full banking operations in France, moving beyond a representative-office model in Paris. These steps supported the group’s role in cross-border payments, trade finance, corporate banking, and financial links between African economies and global markets. Today, UBA is a publicly listed Nigerian commercial bank and a pan-African financial-services group. Its brand covers retail, business, corporate, and institutional banking, alongside payments, digital channels, treasury, trade finance, and related capital-markets services. The group’s stated identity as “Africa’s Global Bank” reflects its attempt to combine Nigerian heritage with continent-wide reach and international connectivity. United Bank for Africa Plc traces its history to 1949. UBA Group’s official history describes the institution as having delivered financial services to individuals, businesses and communities in Africa and beyond since that year. Over the following decades, the bank developed an international dimension while expanding services in its home market. The company’s awards page identifies 1961 as the year UBA became the first among international banks to be registered under Nigerian law. It says the bank listed on the Nigerian Stock Exchange in 1971, becoming the first Nigerian bank to offer an initial public offering, and established a New York office in 1984. In 1986 it introduced UBACARD, described by the company as Nigeria’s first cheque guarantee scheme. The awards page also records a global depository receipt programme in 1998. The group later emphasized a broadening financial-services and regional strategy. Its history page says it divested from non-bank subsidiaries and its property-management business in 2013. The company records awards for UBA subsidiaries in Chad and Senegal in 2014–2015. In 2017, UBA says it raised a $500 million five-year senior unsecured Eurobond and achieved a premium listing on the Nigerian Stock Exchange. These milestones mark a combination of capital-market activity, a bank-focused business structure and continued expansion across African markets. Digital services and additional international reach feature prominently in the more recent history. UBA says it established a subsidiary in Mali in 2018 and launched Leo, an artificial-intelligence virtual banking bot, on Facebook that year. The company also records that UBA Capital Limited received a wholesale banking licence to commence full banking operations in the United Kingdom as UBA UK Limited in 2018. In 2021, the group received an operating licence for the United Arab Emirates, and in 2022 it commenced business operations in Dubai. Its current corporate description lists operations across 20 African countries and the UK, US, UAE and France, while its homepage highlights wholesale banking in New York and London and support offices in Paris and Dubai. The company’s account of recent development combines financial access, innovation and regional trade. In 2023, UBA says it launched a Braille account-opening form and signed a $6 billion SME finance agreement with the African Continental Free Trade Area. It also reports receiving The Banker’s award for Best Bank in Africa that year. In 2024, the group marked 75 years of banking and reported recognition as Best Regional Bank – West Africa by The African Bank Awards. UBA describes its present strategy as focused on innovation, customer-centricity and sustainable growth, with retail banking, business services and cross-border financial solutions among its core activities. The supplied sources do not identify the original founder or a controlling owner.

2024
Full banking operations begin in France
[1]United Bank for Africaen.wikipedia.org
UBA opened full banking operations in France in November 2024.
2024
75th anniversary
2023
Braille account-opening form and AfCFTA SME finance agreement
2022
Dubai operations commence
2021
UAE banking license
[1]United Bank for Africaen.wikipedia.org
UBA received a license to commence banking operations in the United Arab Emirates.
2021
UAE operating licence
2018
Mali subsidiary and Leo launch
2017
Eurobond issuance and premium listing
2013
Divested non-bank subsidiaries and property-management business
2008
Acquisition of Gulf Bank and Liberty Bank
[1]United Bank for Africaen.wikipedia.org
UBA acquired Gulf Bank and Liberty Bank as its domestic consolidation and expansion program continued.
2007
Rights issue and further Nigerian acquisitions
[1]United Bank for Africaen.wikipedia.org
The group completed a combined public offering and rights issue and acquired City Express Bank, Metropolitan Bank, and African Express Bank.
2006
Acquisition of Trade Bank
[1]United Bank for Africaen.wikipedia.org
UBA acquired Trade Bank, which was under liquidation by the Central Bank of Nigeria.
2005
Merger with Standard Trust Bank
[1]United Bank for Africaen.wikipedia.org
The present-day group was established through the merger of UBA and Standard Trust Bank on 1 August 2005.
2005
Acquisition of Continental Trust Bank
[1]United Bank for Africaen.wikipedia.org
UBA expanded its consolidated Nigerian franchise by acquiring Continental Trust Bank.
1998
Global depository receipt programme
1986
UBACARD cheque guarantee scheme introduced
1984
New York office established
1971
Listed on the Nigerian Stock Exchange
1970
UBA lists on the Nigerian Stock Exchange
[1]United Bank for Africaen.wikipedia.org
UBA listed its shares and became the first Nigerian bank described in the reference material as undertaking an initial public offering.
1961
United Bank for Africa is incorporated
[1]United Bank for Africaen.wikipedia.org
On 23 February 1961, UBA was incorporated to take over the Nigerian business of the British and French Bank.
1961
Registration under Nigerian law
1949
UBA Group established
1948
British and French Bank begins Nigerian operations
[1]United Bank for Africaen.wikipedia.org
The British and French Bank Limited commenced business in Nigeria as the predecessor institution of the modern UBA franchise.

Products and positioning

A Nigerian-founded, pan-African universal banking group positioned around cross-border connectivity, commercial scale, digital access, and financial services linking African markets with international centers.

Personal banking
Personal and retail banking
UBA’s retail banking franchise serves individual customers through deposit accounts, payments, cards, consumer financial services, and digital access channels. The offering is designed for everyday transactions as well as personal savings and borrowing needs across the group’s African markets. Banking services for retail customers, including account access and savings-related services.
Business banking
Corporate and institutional banking
Corporate and institutional banking is directed at large companies, public-sector entities, financial institutions, and multinational organizations. Services include relationship banking, lending, cash management, treasury, structured finance, and support for organizations operating across multiple African jurisdictions.
International banking
Trade finance
Trade-finance services support importers, exporters, distributors, and other businesses involved in regional and international commerce. The product area is consistent with UBA’s cross-border positioning and includes financing and transaction services connected with trade flows.
Digital financial services
Digital banking and payments
UBA provides digital access to accounts and payment services through electronic banking channels. The digital proposition supports account management, transfers, payments, cards, and customer access across markets where the group operates.
Capital markets · 2007
UBA Capital
UBA expanded into related capital-markets activity through its acquisition of Afrinvest UK, which it rebranded as UBA Capital, UK. This business represents the group’s connection to investment and capital-markets services beyond its core commercial-banking operations.
Business banking and trade finance
Business services including trade-finance solutions for companies operating locally and internationally.
Leo
UBA’s AI virtual banking bot, launched on Facebook in 2018.
UBA Mobile App and online account opening
Digital banking options promoted by UBA, including online account opening and mobile-app access.

Brand decisions

2024
Launch of full banking operations in FranceStrategy
Background
UBA had maintained a representative presence in Paris and sought to deepen its links with European and African financial activity.
Action taken
The group opened full banking operations in France in November 2024.
Aftermath
France became a more substantial operating market for the group, complementing its offices in London and New York.
Source
2021
Expansion into the United Arab EmiratesStrategy
Background
UBA pursued a wider international network to connect African customers and businesses with global financial centers.
Action taken
The group obtained a UAE banking license and received authorization to commence operations there.
Aftermath
The license extended UBA’s operating footprint outside Africa and reinforced its cross-border banking strategy.
Source
2005
Merger with Standard Trust BankM&A
Background
UBA and Standard Trust Bank combined during a period of consolidation in Nigeria’s banking sector.
Action taken
The two institutions merged on 1 August 2005, creating the present-day UBA group.
Aftermath
The merger created a larger Nigerian banking platform and supported subsequent acquisitions and regional expansion.
Source
Divestment from non-bank businessesOther

Recent events

2024
UBA begins full banking operations in France[1]United Bank for Africaen.wikipedia.org
Product launch
In November 2024, UBA opened full banking operations in France, expanding beyond its Paris representative presence.
2024
UBA named Best Regional Bank in West Africa[1]United Bank for Africaen.wikipedia.org
Other
UBA was recognized as Best Regional Bank in West Africa at the 2024 African Bank Awards.
2024
UBA named World’s Best Frontier Markets Bank[1]United Bank for Africaen.wikipedia.org
Other
Global Finance named UBA the World’s Best Frontier Markets Bank in 2024.
2023
UBA receives recognition as Bank of the Year Africa[1]United Bank for Africaen.wikipedia.org
Other
The Banker recognized UBA as Bank of the Year Africa at its 2023 awards.
2023
UBA expands into new African markets
Product launch
UBA announced plans to open subsidiaries in more African countries, strengthening its pan-African presence.
2021
UBA receives license to begin banking operations in the United Arab Emirates[1]United Bank for Africaen.wikipedia.org
Regulation
The group received a banking license in December 2021, extending its operating network into the UAE and strengthening its international banking connectivity.

Sources12 sources

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