UBA, Moroccan Bank Sign MoU on Trade Finance

Pan-African banking groups, Attijariwafa Bank and United Bank for Africa (UBA) Plc, in the present of President Muhammadu Buhari and His Majesty King Mohammed VI signed a Memorandum of Understanding (MoU) to strengthen their collaborative efforts in correspondent banking, investment funding, trade finance and project finance on the African continent.The framework document, which outlined key areas of cooperation between Attijariwafa and UBA, was signed during the official visit of His Majesty King Mohammed VI to President Buhari at the Presidential Villa Abuja recently, by Mr. Tony Elumelu, Group Chairman UBA and Mr. Mohamed El Kettani, Chairman and CEO of Attijariwafa Bank Group.In accordance with the MOU, both banks will organise business to business missions to identify and develop business and investment opportunities, not only between Nigeria and Morocco, but across their respective African networks. Elumelu, while commenting on the MoU said: “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.” Chairman and CEO of Attijariwafa said: “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 customized 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 MOU we just signed is a first but major milestone in a long-term partnership. It also heralds promising perspectives for African and international investors worldwide.” Source: Thisday