HomeNewsNigeria UBA to turn Zambian unit into local bank

Nigeria UBA to turn Zambian unit into local bank

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LAGOS – Nigeria’s United Bank for Africa (UBA) will turn its Zambian operations into a local bank and consider a public issue of shares to meet new capital rules in Africa’s top copper producer, a bank official said on Friday.

Kayode Fadahunsi said the bank had submitted a proposal to Zambia’s central bank on how it intended to recapitalise its unit before the December deadline and that the lender already had a capital of $20 million, necessary to become a local bank.

Zambia, became the latest African country to hike capital requirements to $100 million for foreign banks from $2 million, after Ghana and Kenya, as it tries to insulate its banking sectors from the effects of a weak global economy.

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