UBA Bank emerges as first Nigerian bank to win African bank of the year

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Pan-African financial institution, United Bank for Africa (UBA) Plc, has once again proven its leadership on the continent, as The Banker magazine has crowned the bank ‘African Bank of the Year 2017’.

The award was a first for Nigeria as it marked the first time a Nigerian-headquartered bank will beat other contenders to the prestigious and highly coveted regional award.

To further demonstrate the group’s strength and dominance in the financial sector on the continent, four of UBA group’s operations in Africa also led contenders in their respective countries to emerge the ‘Best Bank of the Year 2017’ in their respective markets.

A statement from the bank Thursday said UBA Congo, UBA Tchad, UBA Gabon and UBA Senegal emerged the Best Bank of the Year in Congo, Tchad, Gabon and Senegal, reinforcing the strong franchise of the group across its chosen markets in Africa.

UBA Gabon and UBA Senegal won the same awards in 2016, as both subsidiaries of the UBA Group remained the banks to beat in the respective countries, the statement added.

A publication of the London-based Financial Times newspaper, The Banker magazine, is a global financial intelligence magazine that provides global bank ratings/analysis and is the definitive reference in international banking for high level decision makers globally.

According to the magazine, the aim of the award “is to highlight industry-wide excellence within the global banking community. The winner is selected from participating banks in each of the 120 countries from which entries are received for the competition”.

Explaining the rationale behind UBA carting multiple categories in its December issue, The Banker magazine noted that Africa’s economic landscape has been unpredictable in recent times, resulting in recessions in some of Africa’s best performing economies while the region as a whole only expanded by about 1.3 per cent in 2016.

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