NAIROBI - Fresh re-alignments are expected in Kenya’s financial services sector following the entry of another western Africa giant into the domestic market.
Nigeria’s United Bank of Africa (UBA) which plans to start operation in Tanzania, Rwanda and Burundi after it set-up shop in Uganda last year, opened its doors for business last week, promising its clients fresh approach to service delivery.
The bank, whose cocktail of businesses includes insurance, stockbrokerage, commercial and investment banking, has cast its eyes on the Eastern Africa market with Nairobi as its nerve centre.
It has been stealthily carrying out exploration in the Kenyan financial market since December, intent of opening a local shop in Nairobi.
But its path was cleared Tuesday after Central Bank of Kenya gazetted it as Kenya’s 46th bank with two branches opened in Industrial Area and Westlands, and plans to open a third branch in Upper Hill already in place.
“We are poised to bring comprehensive world-class financial services to the Kenyan market and make positive contributions to the country’s economy,” said the bank’s managing director, Mr Manz Denga, in a statement on Sunday.