CAPE TOWN (Reuters) - United Bank for Africa expects to make at least half of its pretax profit outside Nigeria within the next two years as most of its African operations become profitable, its chief executive told Reuters.
The bank is also in discussions with regulators in Britain to convert its banking licence to allow it to offer retail services there, Phillips Oduoza said in an interview on the sidelines of the World Economic Forum on Africa.
UBA had initially set a target of 2017 or 2018 for earning 50 percent of its pretax profit outside Nigeria, Africa's biggest oil producer. But Oduoza said the bank was likely to meet that goal much earlier than planned.
"I believe that we should be able to exceed that 50 (percent) by 2015," Oduoza said. "Today, in terms of earnings, we're talking of Africa contributing about 23 percent. The good thing is that most of the African operations have entered into profit. By the end of this year all of them should be in profit."
Oduoza said the bank, which has operations in 19 African countries including Ghana, Kenya, Liberia and Mozambique, was "not very bullish" about entering new markets, but wanted to focus instead on building up its existing operations.
However, the exception was Angola, the continent's No. 2 oil exporter, which is forecast to grow by around 6 percent this year. UBA applied for a banking licence in Angola four years ago but authorities have been slow in granting approval, he said.
FASTER GROWTH
"Angola is growing faster than most of sub-Saharan Africa," Oduoza said. "The opportunities there are quite substantial ... The other good thing about Angola is that a lot of the oil majors that have relationships with UBA also operate in Angola."
UBA was still interested in entering South Africa but would only do so after Africa's biggest economy eases restrictions on Nigerians visiting the country.
During a state visit to South Africa by Nigerian President Goodluck Jonathan this week, the two countries signed an agreement allowing visas of up to three years for Nigerian citizens who hold diplomatic and official passports.
"Nigeria has allowed South African companies to operate in Nigeria without any problem. South Africa somehow is a bit skeptical about Nigerian companies," Oduoza said.
He added that UBA had reached an advanced stage in its discussions with Africa's wealthiest individual, billionaire Nigerian industrialist Aliko Dangote, on a strategic partnership to provide his cement business with banking services.
"In a very short time we are going to see that translate into proper action," he said. "It's likely to be this year."
UBA was also seeking to offer retail banking services in Britain, where it has an investment banking and asset management affiliate, and was in talks to convert its existing licence, Oduoza said.
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