Connect with us

Bank

Guaranty Trust Bank UK reaches settlement with the FCA in connection with historical AML controls

Published

on

GTBank Releases Q1 2021 Unaudited Results...Reports Profit before Tax of ₦53.7 Billion

 

Guaranty Trust Bank UK reaches settlement with the FCA in connection with historical AML controls

 

 

Guaranty Trust Bank UK Limited (GTBank UK) has reached settlement with the FCA, accepting findings in relation to historical Anti-Money Laundering (AML) controls in its operations in the period October 2014 to July 2019.

 

Guaranty Trust Bank UK reaches settlement with the FCA in connection with historical AML controls

 

The Bank has cooperated fully with the FCA investigation and has agreed a penalty sum of GBP7,671,800, which has been calculated by reference to a proportion of the revenues of over the relevant period and includes a 30% discount for early settlement.

 

The FCA’s investigation focused on GTBank UK’s AML controls and steps taken by GTBank UK to remediate these to ensure they operated in line with the relevant requirements. The findings are final, and no further action is anticipated in respect of this matter. The FCA acknowledged in its findings that GTBank UK has spent considerable time and resource in order to bring its AML standards up to the required level.

 

Commenting on the issue, Managing Director of GTBank UK, Mr. Gbenga Alade, said: “As a responsible financial services institution that is committed to best practices, GTBank UK takes its AML obligations extremely seriously. We note with sincere regret the FCA’s findings regarding AML control gaps in our operations in the past and we are very sorry for this.”

 

He further stated; “We would like to assure all our stakeholders and the general public that necessary steps have been taken to address and resolve the identified gaps. Whilst there was no direct customer impairment arising from the period under review [and the FCA’s findings do not include any instances of suspected money laundering], we have since reinforced our AML control framework and implemented changes in our AML processes in line with best practice with a view to ensuring that the highest standards are maintained in our operations.”

 

The Guaranty Trust Banking Group, including GTBank UK, is fully committed to the fight against all forms of financial crime and to continuing to meet all applicable financial crime regulations and legislation globally. Our AML policies and controls, together with our overall risk management strategy, are regularly reviewed and revised to ensure that they remain relevant and current in line with the evolving regulatory requirements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations   

Published

on

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations   

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations 

 

  • Announces Six other Executive Appointments  

  • Samuel Oni Retires from the Group Board 

 

The Board of Directors of the United Bank for Africa Plc, Africa’s Global Bank, today announces the appointment of Mrs. Abiola Bawuah, as Chief Executive Officer (CEO) of UBA Africa. Bawuah will also join the Group Board as an Executive Director, overseeing the Group’s operations across the African continent, outside Nigeria. UBA operates in 19 African countries beyond Nigeria, in addition to global operations in New York, London, Paris and the UAE. 

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations 
 

Bawuah, a Ghanaian national, is the first female CEO of UBA Africa.  Her appointment further demonstrates UBA’s commitment to diversity.  The UBA Group Board now includes eight female Directors. 

 

Prior to her appointment, Bawuah was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone. She previously held the role of CEO, UBA Ghana. 

 

Speaking on the new appointment, the Group Board Chairman Mr Tony O. Elumelu said, “Abiola has contributed significantly to the growth of UBA Africa for close to a decade.  She brings a wealth of experience in commercial banking, and stakeholder engagement.  It also gives me great pleasure that with her appointment, the UBA Group Board has now become a majority female board.” 

 

The UBA Group also announced the following executive roles: 

 

Chris Ofikulu becomes the Regional CEO, UBA West Africa.  Ofikulu, who has over two decades of banking experience spanning corporate, commercial, and retail banking. 

 

Uzoechina Molokwu will take on the role as Deputy Managing Director (DMD) of UBA Ghana, subject to local regulatory approvals.  He was previously the Executive Director, Business Development – UBA Côte d’Ivoire and has over 23 years banking experience. 

 

Ayokunle Olajubu will be the Managing Director/CEO UBA Liberia, subject to local regulatory approvals. He currently drives compliance across Africa subsidiaries andcomes with 30 years banking experience in Nigeria and other African countries,includingSierra Leone, Cote D’Ivoire and the Gambia. 

 

Theresa Henshaw has been appointed as CEO of UBA UK, subject to local regulatoryapprovals. She was previously the DMD, Business Development, UBA America and joined the Group as ED, Business Development at UBA UK. 

 

Usman Isiaka, currently CEO, UBA Sierra Leone, will be the Deputy CEO in UBA America, subject to local regulatory approvals. 

 

Adeyemi Adeleke, the former CEO of UBA, UK is now the Group Treasurer.  Adeleke will be working to unlock the immense value in the Group’s multi-jurisdictional balance sheet, leveraging on its presence in 24 countries within and beyond Africa. 

 

In addition to the executive appointments, UBA has announced the retirement of High Chief Samuel Oni, an independent non-executive Director, from the Board following the expiration of his tenure.  He joined the UBA Group in January 2015 and served on the Board of the Group for eight years. 

 

The Group Chairman Mr Elumelu expressed his appreciation to High Chief Oni, for his commitment, leadership and extensive contributions to the UBA Group and on behalf of the Board, wishes him the very best in all his future endeavours. 

 

Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, United Bank for Africa provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.  UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 37 million customers globally

Continue Reading

Bank

Stanbic IBTC Pension Managers Limited Did Not Defy Pencom’s Directive on Gifts

Published

on

Stanbic IBTC Pension Managers Limited Did Not Defy Pencom’s Directive on Gifts

Stanbic IBTC Pension Managers Limited Did Not Defy Pencom’s Directive on Gifts

Stanbic IBTC Pension– Our attention has been drawn to publications by some unguarded sections of the media wherein certain unfounded, incorrect, and defamatory assertions are being peddled about Stanbic IBTC Pension Managers.

 

 

Stanbic IBTC Pension Managers Limited Did Not Defy Pencom’s Directive on Gifts

 

 

 

 

The alleged falsehoods stated that Stanbic IBTC Pension Managers continued to offer incentives to Retirement Savings Account holders contrary to the directives issued by the National Pension Commission (PenCom) in a bid to retain their accounts and win over accounts from competition.

 

 

 

 

 

 

 

 

The publications specifically stated that gift vouchers worth hundreds of millions of naira were given out to certain public and private sector clients in December 2022, disregarding PenCom’s directive to all Pension Fund Managers with the goal to end “unhealthy competition” within the industry.

 

 

 

 

 

 

 

 

Stanbic IBTC Pension Managers would like to clarify that this news is false and does not represent our ethos and values as an institution. The publication is a fabrication of reckless journalism, and it is our responsibility to clarify any misconception or doubts in the minds of the general public.

 

 

 

 

 

 

 

Further to PenCom’s directive in October 2022, our clients were notified of the directive and its subsequent implications leading to the discontinuation of our Loyalty Programme on 05 November 2022 as approved by PenCom.

 

 

 

 

 

 

To further reinforce our commitment and alignment with PenCom’s directives, we partnered with PenCom’s representatives to sensitise clients on this development at our annual clients’ engagement fora held in Lagos, Abuja and Port Harcourt, late 2022.

 

 

 

 

 

As a major stakeholder and the largest pension fund administrator in Nigeria managing over 1.9 million retirement savings accounts and over N4.5 trillion in assets under management, our organisation has a responsibility to uphold the highest operational and ethical standards for operators in the industry.

 

 

 

 

 

 

 

 

Stanbic IBTC remains resolute in its position and would like to reiterate that it conducts its business with integrity in compliance with extant laws of the operating environment and international best practices. We will continue to do business the right way.

Continue Reading

Bank

Over 50 Million Naira Up for Grabs in the Upcoming Union Bank Save & Win Palli Promo Finale and UnionKorrect Draws

Published

on

Over 50 Million Naira Up for Grabs in the Upcoming Union Bank Save & Win Palli Promo Finale and UnionKorrect Draws

 

Over 50 Million Naira Up for Grabs in the Upcoming Union Bank Save & Win Palli Promo Finale and UnionKorrect Draws

 

 

 

 

 

Following a six-month successful run, the second edition of Union Bank’s Save & Win Palli Promo is finally coming to an exciting conclusion.

 

 

Over 50 Million Naira Up for Grabs in the Upcoming Union Bank Save & Win Palli Promo Finale and UnionKorrect Draws

 

 

 

The grand finale event, which is set to hold on January 27th, 2023, at the bank’s Head Office in Marina, Lagos, will reward over 300 lucky customers with cash prizes worth over 40 million naira and other exciting consolation prizes. In addition, one lucky customer will go home with the grand prize of 5 million naira from the Save and Win promo draw, while other customers will receive other cash prizes of N105,000 and N500,000 for the last set of the monthly and quarterly draw winners.

 

 

 

 

 

 

Union Bank will also reward 227 customers with 18.5 million naira in its other ongoing savings promo called UnionKorrect. The UnionKorrect regular and exclusive draws will run alongside the Save and Win Palli Promo draw on the same day.

 

 

 

 

 

 

 

The event will be live-streamed, and participants can join virtually from anywhere in the country. Winners will be randomly selected through electronically generated and transparent draws monitored by relevant regulatory bodies.
Save & Win Palli Promo and UnionKorrect promo are nationwide campaigns aimed at rewarding customers with cash prizes and other exciting gifts. The goal is to encourage and promote a healthy savings culture and the promo is open to new and existing customers.

 

 

 

 

 

Prospective customers can download the UnionMobile app on their mobile phones to open an account or walk into any Union Bank branch. To reactivate existing accounts, returning customers can call the 24-hour Contact Centre on 07007007000 or visit any of Union Bank’s branches across the country.

Continue Reading

Trending