News Finances

UBA Launches Asset Management Subsidiary in Côte d’Ivoire

UBA Launches Asset Management Subsidiary in Côte d’Ivoire
Friday, 30 May 2025 19:43

• UBA Group expands asset management arm to Abidjan with UCAMWAL
• Subsidiary to offer diversified investment solutions beyond Nigeria
• Strategy aims to tap into growing West African demand for financial products

United Bank for Africa (UBA), led by Nigerian businessman Tony Elumelu, has launched a new asset management subsidiary in Côte d’Ivoire as part of its regional expansion. The new entity, United Capital Asset Management West Africa Limited (UCAMWAL), was officially inaugurated on May 29, 2025, in Abidjan.

UCAMWAL represents the first expansion of UBA’s asset management operations outside Nigeria. From its base in Abidjan, the subsidiary will serve the broader West African market by offering diversified investment solutions to individuals, businesses, and institutions seeking alternatives to traditional placements such as real estate and savings accounts.

The decision to launch in Côte d’Ivoire builds on UBA’s existing presence in the country through its commercial banking division. The Ivorian market is increasingly drawing interest from clients seeking a broader range of financial instruments.

Côte d’Ivoire already hosts major asset management players, including the National Social Security Fund (CNPS), which manages more than CFA1,000 billion ($1.72 billion) in assets. Of that, 48% is invested in government bonds within WAEMU markets, 35% in shares of companies listed on the BRVM, and the remainder in private and unlisted investments.

The move into Côte d’Ivoire follows the recent launch of the Children Investment Fund (CIF) in Nigeria, a naira-denominated product designed to help families save for education, healthcare, and other milestones. United Capital Asset Management now oversees more than 1,000 billion naira ($630 million) in assets across 10 open-ended mutual funds.

This regional strategy underlines the group’s ambition to develop long-term investment offerings across West Africa, capitalizing on Abidjan’s growing status as a financial hub.

On the same topic
• KCB Group is in discussions with Ethiopia’s central bank following a 2024 law that allows foreign banks to operate locally.• The group may obtain a...
• FirstRand receives approval to take over HSBC's South African assets, clients, and staff• Move supports expansion of investment banking and...
• CBN gives forex bureaus until December 31, 2025, to meet new capital rules• Fewer than 10% of operators were compliant as of June 2025, says ABCON• Over...
• African startups raised $1.055B from Jan–May 2025, up 40% year-on-year• Egypt, South Africa, Nigeria, and Kenya attracted 84% of all funding•...
Most Read
01

BCEAO lowers main rate from 3.50% to 3.25% effective June 16, 2025 Inflation eased to 2.3% in...

BCEAO Cuts Key Rate to 3.25% to Stimulate Regional Growth
02

AfDB raised $3 billion in a two-part bond issuance in U.S. dollars. The deal included th...

AfDB Raises First-Ever 10-Year Global Dollar Bond
03

IFC to acquire stake in KERA Health, an AI-based e-health platform in Senegal Funding to supp...

IFC Plans $10mln Investment in Senegalese AI Health Startup
04

• WAEMU’s inflation dropped from 2.2% in March to 1.5% in April 2025• BCEAO attributes the decline t...

WAEMU Inflation Rate Falls to 1.5% in April 2025
05

• Funding resumes after 2023 suspension tied to Uganda’s anti-LGBT legislation• Three new projects a...

World Bank Resumes Support to Uganda Despite LGBT Law Concerns
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.