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Casablanca — Morocco’s Attijariwafa Bank and Nigeria’s United Bank of Africa (UBA) have signed a Memorandum of Understanding aimed at strengthening partnership in correspondent banking, project financing, trade and investment funding.
In the context of King Mohammed VI’s official visit to Nigeria, the nations’ banking powerhouses Attijariwafa Bank and UBA signed a memorandum of understanding on December 3 aimed at developing mutually beneficial collaboration in all countries in which the two groups are present.
According to a communiqué released by Attijariwafa Bank, the memorandum was signed in the presence of both heads of state, King Mohammed VI and President Muhammad Buhari, as well as Attijariwafa CEO Mohamed El Kettani and UBA Chairman Tony Elemelu.
Attijariwafa Bank’s MoU with UBA, one of Africa’s most powerful banking institutions with a presence in 19 African countries, covers project finance, trade finance and investments between Morocco and Nigeria.
“Nigeria is the largest African economy and a leading commercial and financial hub in West Africa,” said Attijariwafa Bank CEO Mohamed El Kettani. “It goes without saying that our group should collaborate with outstanding players, such as UBA Plc, to provide customized 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,” he added.
Meanwhile, UBA Chairman Tony Elumelu has said that “this collaborative effort is a historic milestone,” adding that “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.”
