UBA implementing diversified business model to mitigate business risks
A DIVERSIFIED business model being implemented by the United Bank for Africa (UBA) Plc across all its markets has continued to act as a hedge while positioning it to better mitigate business risks arising from the financial, economic and political environment.
This is according to the UBA Group Managing Director, Mr Oliver Alawuba who indicated that due to its wide reach and network, the banking group was strengthened and largely insulated from internal and external challenges that has become common amongst financial institutions on the continent.
Mr Alawuba, also UBA Chief Executive Officer stressed that the UBA group was a diversified institution in terms of the businesses and sectors it supported.
“Some of the countries where we are present, like Zambia, Guinea and Mozambique have not witnessed currency depreciation, and so, the diversified nature of our business is a key positive.
“It gives us the leverage and provides business resilience. Furthermore, our presence in global financial centres such as New York, Paris, and London provide further diversification of revenues and hedges against devaluation on the African continent,” he said in a statement.
Mr Alawuba explained that UBA had developed the capacity to effectively manage several risks faced by Nigerian and African banks such as issues of payments, currency depreciation amongst others whilst it continued to pursue its growth strategy.
Meanwhile, the convener of the event and Executive Director UBA Group, Sola YomiAjayi, said that the objective of the conference was to build and strengthen the financial ecosystem.