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UBA Eyes Expansion in Africa

By on February 21, 2012

UBA Plc, one of Africa’s largest banking groups have unveiled plans to become even larger. The company recently postponed its share restructuring exercise due to battered stock prices which came as a result of an announcement of its impending annual loss for the 2011 fiscal year.

The Managing Director of the bank, Mr. Philip Odozua stated yesterday at a presentation held at the Nigerian Stock Exchange in Lagos that the company plans too make key acquisitions in African countries this year.

He said, “As soon as the market improves, we would continue with our plans to raise equity for strategic investments across different sub-regions in Africa. Our plan is to go to each sub-region and acquire the top bank in such regions to boost our holdings.

“We also believe that all our major investments in African countries, including our existing subsidiaries in 12 African countries, would begin to yield good results, thus resulting in robust returns for our shareholders this year. We are certain that our financial forecasts for this year would materialize.”

UBA’s share price is up 20% in the last week.