Date Published: 06/06/11

UBA's African Expansion Provides Opportunity for Global Partnership- Oduoza

The financial strength, African footprint, good risk management framework, relationship management models, products and services as well as the credentials and ratings of United Bank for Africa puts it in good stead to partner with global organizations with interest in Africa.

Group Managing Director and Chief Executive Officer, United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza stated this at a one day seminar in Venice Italy hosted by Banca Antonveneta-Groupo Montepaschi, where he was a lead speaker.

In a paper titled "Positioning to Participate in Africa's Growth Story: A Case for Partnership with UBA", he said that the bank's expansion strategy into major African economies has contributed immensely in deepening the continent's economy and stimulating foreign direct investments (FDIs) into the continent, hence global institutions with interest in Africa can partner with the bank to further leverage on the opportunities inherent in the continent.

According to the UBA boss, Africa with projected growth rates of 5.55 in 2011 and 6% in 2011 is rich in natural resources, land and manpower, offering huge business opportunities to investors especially in many developing countries in Sub-Saharan Africa who are noted for being commodity producers.

"While food and fuel price increases are serious risks, to the positive outlook, improved harvest in many countries are providing a cushion and African governments have put in place better economic policies to mitigate the impact" he said.

He maintained that government bureaucracy, skills deficiency, political risks, financial reforms, access to finance and infrastructural deficiency/ cost of doing business are some of the impediments to growth which must be thoroughly addressed by African leaders.