UBA nears full banking licence in France after global expansion push
The United Bank for Africa (UBA), Nigeria’s financial powerhouse, is on the brink of securing a full banking licence in France, marking a defining moment for the group led by entrepreneur Tony Elumelu. Regulatory approval from the French Prudential Supervision and Resolution Authority (ACPR) is expected in the coming days, capping a demanding 18-month process that underscores the deepening economic ties between Paris and West Africa’s largest economy.
This milestone arrives after a prolonged period of negotiations, strategic diplomacy, and meticulous compliance with European banking standards. The breakthrough follows high-level discussions in Nairobi, where officials from both countries convened to address lingering administrative hurdles. The timing of the approval aligns closely with key political engagements, including the upcoming state visit of French President Emmanuel Macron to Nigeria in late October.
From representation to full commercial banking in Paris
UBA’s journey in France began in 2009 with the establishment of a representative office, the first by any Nigerian bank in the country. Nearly 15 years later, its elevation to a fully licensed commercial bank solidifies its position as the third Nigerian financial institution to achieve this status in France—following in the footsteps of Access Bank and Zenith Bank, both of which secured their licences in 2023 and 2024, respectively. This expansion reflects a broader ambition to strengthen financial bridges between Europe and Francophone Africa, facilitating cross-border trade and investment.
The regulatory process, though rigorous, has been characterized by sustained diplomatic engagement. Behind closed doors, stakeholders worked to harmonize French banking requirements with UBA’s regional growth strategy. According to insiders familiar with the negotiations, the breakthrough was less about opportunity and more about aligning timelines and regulatory expectations. A follow-up bilateral meeting in Nairobi was pivotal in resolving the final administrative obstacles, paving the way for the ACPR’s decision.
A strategic hub for Nigerian finance in Europe
The French licence positions UBA as a key player in Nigeria’s expanding financial footprint across Europe. For Tony Elumelu’s Heirs Holdings conglomerate—of which UBA is a cornerstone—the move is part of a wider global expansion strategy. Beyond banking, the group’s interests span energy, hospitality, and investment, with subsidiaries like United Capital recently venturing into new markets such as Ethiopia and Rwanda.
For European businesses seeking to tap into West Africa’s dynamic markets—or African firms aiming to scale into Europe—UBA’s Paris-based operations will serve as a vital financial conduit. The bank’s leadership transition, scheduled for August 21, adds another layer of significance to this development. As Tony Elumelu prepares to hand over the chairmanship to Emmanuel Nnorom, the announcement of UBA’s French licence could coincide with Macron’s state visit, symbolizing the strengthening partnership between the two nations.
The timing is no coincidence. Macron’s March appointment of Tony Elumelu to lead the Africa France Impact Coalition—a platform designed to foster business collaborations between African and French enterprises—highlights the growing synergy between Lagos and Paris. With UBA’s licence imminent, the stage is set for a new chapter in financial diplomacy, one where Nigerian banking prowess meets European regulatory excellence.
