Union Bank Kicks Off African Expansion With Attijariwafa Bank In Morocco
By Christy Animam
Union Bank of Nigeria (Union Bank) and Attijariwafa bank have signed a partnership agreement to support the Pan African development strategy of both financial institutions.
Union Bank, one of Nigeria’s oldest financial institutions, is looking to expand its reach beyond Nigeria through this commercial partnership with Attijariwafa bank will provide access to its commercial teams for Nigeria-based Union Bank customers in its countries of presence and vice versa.
Attijariwafa bank is a leading multinational commercial bank based in Morocco with over 5,835 branches spread across 26 countries in Africa, Europe, UK, Middle East and Asia.
According to a filing on Friday, Union Bank and Attijariwafa bank will develop new joint business opportunities for their respective customers that seek to support the trade finance and investment corridors between Nigeria and all the countries where Attijariwafa bank operates.
Speaking at the official signing ceremony of the Memorandum of Understanding (MoU) in Casablanca, Mr. Mudassir Amray, Chief Executive Officer of Union Bank said: “This partnership agreement reflects the growth prospects we see for Union Bank as an institution as well as the value enhancing opportunities we see for our Nigerian customers around Africa and beyond.
“Through this partnership with Attijariwafa bank, we can provide support to our corporate customers seeking international growth and vice versa. We intend to accelerate cross-border transactions that will pave the way for long-term success leveraging Attijariwafa bank’s robust banking network in Africa.”
Commenting on the partnership, Mr. Ismail Douiri, General Manager in charge of International Retail Banking and Specialized Finance Subsidiaries at Attijariwafa bank, said: “As leading banks in our respective markets, Union Bank and Attijariwafa bank Group commit to supporting the development of African economies through making intra-African trade and investment easier and promoting inclusive and sustainable development. This partnership is built on the complementarity in geographic footprints and expertise of both institutions”.
Mr. Youssef Rouissi, Delegate General Manager – Corporate & Investment Banking, added: “This partnership will provide ground support to Nigerian investors in our countries of presence, and reciprocally open new doors and opportunities in Nigeria for investors and operators based in Morocco and all our countries of presence in Africa, with local support from Union Bank.”