Attijariwafa Bank and UBA sign MoU
Among others, the MoU will strengthen correspondent banking in AfricaAttijariwafa Bank and United Bank for Africa (UBA) signed a Memorandum of Understanding (MoU) to fortify their effort in the areas of investment funding, trade finance, project finance and correspondent banking in Africa. The MoU between the two financial giants was signed by Group Chairman, UBA Mr. Tony Elumelu and Chairman and Chief Executive Officer (CEO) of Attijariwafa Bank Group Mr. Mohamed El Kettani during the King of Morroco's visit to Nigeria last Friday. Speaking on the development, Elumelu described the collaboration as historic milestone. "This collaborative effort is a historic milestone. As two groups with considerable footprints in Africa, we see huge potential in bringing our collective expertise in banking to provide Africa-led solutions to the needs of Africans" he said. Further to this, El Kettani stated that "Nigeria is the largest African economy and a leading commercial and financial hub in West Africa. It goes without saying that our group should collaborate with outstanding players, such as UBA Plc, to provide customised assistance to African and international companies to grow trade and investment flows, between not only Morocco and Nigeria, but also in all countries where our two groups are established." The provision of the MoU highlights key areas of collaboration between the two financial giants which will lead to development of investment opportunities across Africa through correspondent banking and investment funding among others.