The United Bank for Africa (UBA) America, the U.S. subsidiary of UBA Plc, recently hosted a networking reception in Washington DC. The event, organized by the Business Council for International Understanding (BCIU) and the U.S. Department of State, aimed to enhance collaboration and fortify commercial diplomacy [e8b25dcf]. UBA's Group Managing Director, Oliver Alawuba, emphasized the bank's commitment to cultivating relationships within the development communities in the United States. UBA America serves as a vital link between Africa and the global financial markets, offering banking services tailored to meet the needs of individuals, businesses, and institutions. As the only sub-Saharan African bank with an operational banking license in the U.S., UBA America is uniquely positioned to provide corporate banking services to North American institutions doing business with or in Africa [e8b25dcf].
In other news, the United Bank for Africa (UBA) has received a $175 million financial package from the Africa Development Bank (AfDB) Group. The facility includes $100 million as long-term senior debt, $50 million of trade finance as medium-term senior debt, and a $25 million risk participation program. The long-term senior debt will be used to finance projects in Nigeria in sectors such as infrastructure, agriculture, manufacturing, energy, and SMEs. The trade finance senior debt will provide UBA with countercyclical dollar liquidity to support SMEs and local corporates involved in export-import-related activities. The facility will also be complemented with technical assistance from the Affirmative Action for Women in Africa (AFAWA) initiative to boost access to finance and technical assistance for female-owned SMEs. The African Development Bank and UBA UK will share the default risk on a portfolio of eligible trade transactions originated by African issuing banks and indemnified by UBA UK. The facility aligns with the African Development Bank's priorities of Light up and Power Africa, Feed Africa, Integrate Africa, and Industrialise Africa. UBA Plc is a leading pan-African financial services institution with operations in 20 African countries and a presence in the UK, the US, France, the Cayman Islands, and the United Arab Emirates.
Furthermore, Fitch Ratings has assigned a 'AA-(lka)' National Long-Term Rating to consumer electronics retailer Abans PLC's proposed senior unsecured redeemable debentures. Abans PLC is the flagship entity of the Abans Group, a leading retail brand in Sri Lanka. The company has a network of over 400 showrooms and 15 regional after-sales service centers. Abans PLC prioritizes customer satisfaction and engages with its clientele to identify their requirements. Established in 1968, the Abans Group is a diversified conglomerate with over 30 independent companies. It was listed as a public quoted company on the Colombo Stock Exchange in 2014. Abans Group aims to serve the community and aligns with the needs of the country [c0b7b607].
TuranBank, a financial institution based in Azerbaijan, has opened a correspondent account in US dollars with Habib American Bank. This strategic move aims to streamline foreign currency transactions for TuranBank's customers and enhance international money transfer services. TuranBank has been serving individual and corporate customers since 1992 and is known for its stability and reliability in the financial sector of Azerbaijan [7e0a82fb].