afrol News, 21 January - Nigeria's United Bank for Africa has acquired a 56.4 percent stake in Continental Bank of Benin, the bank formerly owned by the government of Benin Republic.

Chief Executive Officer of UBA, Africa branch, Rasheed Olaoluwa said the acquisition, had been finalised and approved by the Central Bank of Nigeria and the Banking Commission UEMOA since 2008.

A statement issued by the bank said the agreement signing ceremony in Cotonou, capital of Benin Republic, was witnessed by a delegation from the UBA led by the CEO of UBA Africa, Mr Olaoluwa and the Beninese Minister of State, Mr Pascal Koupaki.

"The event is consistent with the commitment of the UBA Group to extend its brand presence across Africa, and is poised to bring the number of its presence in African countries in 2009 to at least 25," said the bank's statement.

UBA which is the country's biggest bank, has announced its plans to open branches in Kenya, Tanzania, Senegal and Democratic Republic of Congo as some of the priority countries targeted by the bank this year.

The statement added that UBA's brand positioning as Africa's global bank, was an effective touchstone that facilitated market acceptance even before consumers had the opportunity to experience its products.

"Expectedly this will be brought to bear in Burkina Faso as it has been the case in other parts of Africa where UBA has become one of the key providers of financial services," the statement added.

UBA already operates in Ghana, Uganda, Nigeria, Liberia, Sierra Leone, Cameroon, Liberia, Cote D'Ivoire, and Burkina Faso, with international presence in New York and London.

By staff writer

© afrol News

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