The shareholders of United Bank for Africa (UBA) Plc have praised its board and management for its expansion to other African countries.

According to local media reports on Monday, the shareholders, who commended the bank’s board and management at its 53rd Annual General Meeting in Lagos, also approved its annual reports and accounts for 2014 and all resolutions presented at the event.

Praising the bank for its increasing penetration to other African countries, they also expressed satisfaction at its emergence as the best bank in Cameroon and Senegal for the fourth and third consecutive year, respectively.

According to the shareholders, the dividend approved will allow the bank to retain much of its earnings to expand its operations and deliver higher returns to them over the medium to long term.

The Group Managing Director and Chief Executive Officer of UBA, Mr. Phillips Oduoza, confirmed that the bank’s expansion to other African countries had been successful with subsidiaries contributing to the group’s profit.

“In 2014, the African subsidiaries contributed one-fifth of our earnings, a unique diversification benefit which UBA offers its shareholders. We will profitably and prudently grow our market share in all the 19 African countries (including Nigeria), where we operate, as we look forward to delivering superior returns to our shareholders,” he said.