Nigerian United Bank for Africa has launched a new subsidiary, UBA Prestige Bank, aimed at the financial services needs of those with an income of Naira5 million ($42,000) and above. The new subsidiary, which already has five offices in the wealthier areas of Lagos, will be extended to other cities. It will offer credit management, treasury and foreign exchange, offshore/onshore deposits service, investment management mortgages and wealth management as well as retirement planning services to its clients. Funmi Omitowoju, chief executive officer of the new subsidiary, has said that Prestige is the first of its kind in Nigeria. She claimed that the new outfit will offer sound financial planning services which enable a customer to "keep a tight leash on his finances whilst ensuring that his or her portfolio is constantly multiplying, thereby creating a clear path for complete financial independence." The chief operating officer of UBA Prestige, Emma Okoro, said the bank is looking at a growing segment of middle to high income earners in the economy. Each customer, he said, will be given access to a financial consultant and a relationship manager that will work as personal financial partners with each customer to give the best value. Those who witnessed the launch of UBA Prestige expressed their delight at the epochal event.