Two African leading banking groups – Attijariwafa Bank and United Bank for Africa (UBA) Plc – have signed a Memorandum of Understanding (MoU) to strengthen their collaborative efforts in correspondent banking, investment funding, trade finance and project finance on the continent.
The framework document, which outlines key areas of cooperation between Attijariwafa and UBA was signed when His Majesty King Mohammed VI visited President Muhammadu Buhari at the Presidential Villa, Abuja.
It was signed by Group Chairman, UBA Mr. Tony Elumelu and Chairman and Chief Executive Officer (CEO) of Attijariwafa Bank Group, Mr. Mohamed El Kettani.
According to the MOU, both banks will organise business to business missions to identify and develop business and investment opportunities between Nigeria and Morocco as well as across their respective African networks.
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Speaking after the agreement, Elumelu 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.”
El Kettani added: “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 customised 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.”
