BusinessDay... the voice of business: UBA creates new corporate structure to drive growth, global expansion UBA creates new corporate structure to drive growth, global expansion ================================================================================ IHEANYI NWACHUKWU & BEN UZOR JR on 12 May, 2008 02:00:00 The board of directors of United Bank for Africa (UBA) plc has approved a major repositioning exercise to fully enable the bank realise the next phase of its strategic growth and global expansion. The bank’s largest market, Nigeria, has been divided into North and South clusters, each to be led by a deputy managing director. Specifically, Faith Tuedor-Matthews, former regional bank head, Abuja, has been appointed deputy managing director Nigeria-North. Also, Phillips Oduoza has been appointed deputy managing director overseeing UBA Nigeria-South, which covers the bank’s core banking operations in the South, East and West regions of the country including Lagos State. Chika Mordi, formerly executive director, Investment & Asset Management, is now the chief executive officer of UBA Capital. In this role, he will oversee nine subsidiaries across three continents, which provide a comprehensive range of financial services including investment banking, pensions custodian, registrars, trading and advisory services. Chika is a seasoned and well-respected multi-lingual banker. Similarly, Victor Osadolor, executive director, has been appointed group chief finance officer with responsibility for managing systems and processes that will promote efficiency and financial integrity. Emmanuel Nnorom has been appointed executive director and group chief operating officer. Others in the new structure include: Rasheed Olaoluwa, who has been appointed executive director and chief executive officer of UBA International, with responsibility for driving the group’s rapid global expansion strategy. Godwin Ize-Iyamu, who is an executive director, has been assigned the portfolio of wholesale banking, UBA Nigeria-South. Angela Nwabuoku has been appointed executive director overseeing of products and segment banking. Ibrahim Jega, formerly executive director, North Bank, is now executive director, public sector & state governments. A South African national, Andre Blaauw is the newly appointed group risk officer. Abhinav Nehra is another key international hire. Appointed CEO of UBA retail financial services. Information made available to Business Day indicated that the creation of the new corporate structure followed a three-yearly strategic revalidation, carried out by the bank, working with McKinsey, the global management consulting firm, on its objective of becoming the leading financial services group in Africa by 2010. The strategic repositioning identified these key outputs: a new operating structure; the appointment of two deputy managing directors and three new executive directors; as well as the realignment of the portfolios of existing senior management - all aimed at ensuring exceptional service to the bank’s over six million customers. Specifically the group has now been structured into six strategic business groups and three strategic support groups. UBA is West Africa’s largest financial services group with assets in excess of $14 billion. According to the bank, “all nine strategic groups report to the group managing director (GMD)/ chief executive officer (CEO). The six strategic business groups have responsibility for customer interface and business development and include: UBA Plc Nigeria-South, UBA Plc Nigeria-North, UBA Capital, UBA International, UBA Retail Financial Services and UBA Products & Segment Banking.” The bank said: “UBA Nigeria-North will provide banking services to customers within Northern Nigeria and deepen the Bank’s penetration in this region. UBA Nigeria-South shall provide similar services within the Southern region of Nigeria. UBA Capital will provide investment banking, asset management, wealth management and merchant banking services with a scope of operations that covers Nigeria, the African continent and global financial centres where UBA Plc has presence. It is made up of nine subsidiary companies that are market leaders in different sub sectors of the Nigerian Capital Market.” “We are optimizing the potential that exists in our great bank and those of our subsidiary and associated companies in order to remain large yet nimble and responsive to the ever-changing needs of our customers” said Tony Elumelu, GMD/CEO UBA Plc. “Following a three-year strategic revalidation process, we have repositioned the group for the next phase of growth and higher performance level. As always, we are guided by our long term strategy of staying very close to our customers, making their lives easier and helping them achieve their life ambitions.” Elumelu further explained. Further disclosed is that UBA International has been created to spearhead the Bank’s global expansion plans and continue to deepen the Group’s market penetration of the African continent and the global banking arena. “UBA Retail Financial Services is a new and unique service platform established to provide a wide range of financial services targeting non-bank customers across Africa, through non-branch channels such as direct sales agents, telemarketing, internet, consumer outlets, dealers, microfinance banks. UBA Global Products & Segment Banking is the directorate charged with the responsibility of actively developing market opportunities by designing and offering products, managing segments and service delivery channels, all aimed at serving the current and future needs of the Group’s customers. The three Strategic Support Functions have responsibility for Group Shared Services that will enable the group exploit the benefits of scale and imbibe more rigorous discipline across business processes.” No doubt, one of the propelling forces behind UBA is the cohesiveness of its board and management team. To drive the implementation of the new operating structure, the board has approved new executive appointments and the re-alignment of the existing management team. These appointments are just a few of the strategic hires that UBA has been making in the last twelve months to drive the group’s ambitious growth, expansion and transformation programmes. With this new operating architecture and the caliber of the management team, UBA has ensured that it continues to be at the forefront of the African economic renaissance, and that it remains clearly on course to achieve its vision of being the foremost financial services institution on the continent and Africa’s global bank.