The United Bank for Africa (UBA) has signed a significant agreement to commence full banking operations in France, marking a key milestone in the bank’s global expansion strategy.
The banking group announced the development in a statement released on Thursday, highlighting the deal as a key outcome of President Bola Tinubu’s state visit to France.
During the signing ceremony in Paris, UBA Group Chairman Tony Elumelu formalised the agreement in the presence of Tinubu and French President Emmanuel Macron. The partnership, endorsed by French Finance Minister Antoine Armand, underscores France’s support for UBA’s banking ambitions in the country.
Speaking at the event, Elumelu expressed optimism about the deal, stating, “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.”
He added, “Expanding into France is a natural progression, with Paris serving as our European Union hub. It will complement our existing presence in London, New York, and Dubai, strengthening our global network to connect Africa and the world through innovative financial solutions.”
With this move, UBA joins the ranks of Nigeria’s tier-1 banks operating in France, further solidifying its position as a leading player in international banking.
President Tinubu’s two-day state visit to France, which began on Thursday, marks the first official visit by a Nigerian leader to Paris in over 20 years. The visit aims to foster closer economic and diplomatic ties between the two nations.