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United Bank for Africa gets UK wholesale banking license

Nigeria-based United Bank for Africa Plc obtained a wholesale banking license from the U.K. Prudential Regulation Authority for its subsidiary in the U.K.

The license will allow United Bank for Africa (UK) Ltd. to expand the scope of its operations, including all aspects of treasury services, cash management, corporate lending and wholesale deposit offerings.

The expansion will be under the supervision of the Prudential Regulation Authority and Financial Conduct Authority.