Philips Oduoza, Group Managing Director of UBA, said the bank will carry out the new strategy by supporting Kenya’s economic growth, supporting market integration of the East African Community and implementing an electronic revenue collection platform. The bank also plans to establish an energy desk in its Kenyan office that will focus on structuring energy, oil and gas activities.
Mr Oduoza noted that UBA will bring its expertise into the country and train Kenyans in order to take advantage of the huge financial assets of oil and gas industry, as well as all the structures and transactions associated with it.
Gabriel Edgal, Chief Executive of UBA Africa, noted that one of the fastest ways to implement the new plan is through the bank’s financial integration model. He said that the bank is moving capital from areas of surplus to deficit, a move that empowers people while developing economic structures.
He furthered that integration is a passion for the bank and it is willing to make partnership with the government, citing the importance of integrating African trade through financial services.
He explained that in order for two African nations to do business, a letter of credit will be issued through a consequent bank in Asia and Europe, making it more costly and time consuming. However, when UBA is present in the two continents, it enables affordable and fast transactions.
Mr Edgal stressed that one of the major projects the bank has funded was the Sh24.86-billion crude oil financing project in Senegal. Currently, the bank is in a consolidation phase and focusing on growing its subsidiaries through investing in e-banking platforms.
UBA has more than eight million accounts, with a balance sheet size of more than Sh2.09 trillion spread across nearly 800 branches.