Nigeria, June 14 -- United Capital Plc has launched a new subsidiary in Abidjan named United Capital Asset Management West Africa Limited (UCAMWAL), the financial services group announced in a regulatory filing on Friday.

"The Group obtained a license from the Financial Markets Authority of the West African Economic & Monetary Union (AMF-UMOA) to operate an asset management business across the West African Economic & Monetary Union (WAEMU) region," according to the filing.

WAEMU, a regional economic bloc of eight Francophone countries, is comprised of Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

United Capital plans to offer portfolio management, mutual fund, and financial advisory services in the ...