UBA Forges Strong Bond With South African Firm
 11th OCT 2006

South African firm Metropolitan Life yesterday announced an expansion of its presence on the African continent through a 50/50 joint venture with the United Bank for Africa (UBA). UBA, Nigeria’s third largest bank has more than 440 offices and over 4 million customers. The collaboration will have a market capitalisation of 2 billion Naira, and will therefore not be under compulsion to do any further deals ahead of the implementation of Nigeria’s new capital requirements for the insurance sector that take effect in 2007.

Metropolitan Holdings (Metropolitan Life’s parent company) claims to be the largest long-term financial services group in the Southern African region, focussed on the low and middle income markets. The company provides Life Assurance, Employee Benefits, Asset management and Health management services to numerous corporate and individual clients in Africa and has assets under management in excess of N1.3 trillion and market capitalisation of over N120 billion. UBA Group is the largest financial services provider in Nigeria by balance sheet size, deposit base, branch network and customer accounts with an asset base is in excess of N800 billion.

Back to Top
Post Your Feedback