United Bank For Africa is a large financial services group in Nigeria and on the African continent. As of December 2019, the group’s financial assets were valued at NGN:5,604 billion (US$14.6 billion), with shareholders’ equity of NGN:597.97 billion (US$1.56 billion). At that time the group employed 13,355 people, of whom 9,787 were Nigerians. The group maintains banking subsidiaries in Nigeria, Ghana, Benin, Ivory Coast, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, DR Congo, Congo Brazzaville and Mali.
History
The bank was established in 1949, as the British and French Bank Limited (BFB). On 23 February 1961, UBA was incorporated as a limited liability company under the Compliance Ordinance (Cap 37) 1922. UBA took over the assets and liabilities of BFB. In 1970 UBA listed its shares on the Nigerian Stock Exchange in an IPO, being the first Nigerian bank to make an initial public offering. In 2005 UBA merged with Standard Trust Bank (STB) Plc, a Nigerian institution which had a subsidiary in Ghana. The merged bank maintained the name United Bank for Africa.
Since then, the group has expanded to include 20 sub-Saharan countries, as well as offices in the United Kingdom, France and the United States.
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