UBA target renewal of Angola bank licence application

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UBAUnited Bank for Africa plc, which operates in 19 African countries, will renew attempts to win an Angolan banking licence after its first application expired.

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UBA was told to reapply for a bank licence in Africa’s second-largest oil producer three months ago after its first attempt expired after a four-year wait, Phillips Oduoza, CEO, said in a December 13 interview at the bank’s headquarters in Lagos.

“Angola is a fairly complex market and they take their time and their processes and methodologies are slightly different from those of other African countries,” he said.

UBA is seeking to enter Angola as part of plans to diversify earnings and reduce reliance on its home market of Nigeria, which accounts for about 78 percent of revenue.

The bank’s operations outside the country may account for as much as 25 percent of its business by the end of the year and 50 percent within the next three to five years, Oduoza said.

Angola’s $114-billion economy, recovering from a 27-year civil war that ended in 2002, will probably expand 5.1 percent this year, President Jose Eduardo Dos Santos said in October.

Angola ranks 153rd of 177 countries on Transparency International’s 2013 Corruption Perceptions Index.

“Angola is a very interesting market and it’s one that’s growing very rapidly and there are a lot of opportunities there,” Oduoza said, “Our plan has always to be in Angola.”

UBA is also interested in Botswana, Ethiopia and Rwanda, though it hasn’t submitted licence applications, he said. The bank isn’t interested in acquiring one of the three nationalised Nigerian lenders the government is selling, he said. The bank expects all its African subsidiaries to be profitable by 2015.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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