lion king

UBA Senegal wins “Bank of the Year” again

December 3, 2013

For
the second consecutive year, UBA Senegal has won the “The Bank of the Year”
award in Senegal. The Bank of the Year awards, which is in its 14 th
year, is organized by the “The Banker” a magazine published by London based
Financial Times.

Kennedy Uzoka, Deputy Managing Director, UBA
Group, received the award at a prestigious black tie award dinner in London.

L-R- Paul Wallace, Africa Editor of The Banker/FT, Ebele
Ogbue, Managing Director/CEO, UBA Capital (Europe) Limited, Kennedy Uzoka,
Deputy Managing Director, UBA Plc,with the ‘Banker of the Year’ award
plaque won by UBA Senegal and Michael Buerk, the award host, during the
presentation ceremony held at Intercontinental Hotel Park Lane, London.

In
a citation at the awards, “The Banker” noted the fast pace growth in UBA
Senegal’s profitability.

“Since
first becoming profitable in 2011, two years after it started operating, UBA
Senegal has come a long way. The subsidiary of Nigeria’s United Bank for Africa
made net profits of $2.8m in 2011. A year later, these rose to more than $8m,
amounting to a hefty return on equity of 50% and making it more profitable than
some of its far larger rivals in the West African country”.

The
magazine also noted that “UBA Senegal has become one of the fastest growing
banks in the Senegalese market over the past three years. UBA has been able to
achieve this stellar performance by leveraging on the strength of the group to
support key sectors of the economy, such as energy, trade and services.