Breaking: Counter Terrorism Seal Off National Bank of Commerce


ampoule geneva; font-size: small;”>Several green colored bullion vans have just arrived at the Parliamentary Avenue where the bank is based to pick the money and drive off to Bank of Uganda.

BoU personnel are being seen carrying sacks off money to bullion vans under water-tight security.

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The operations of the Bank were closed today and license suspended with the Central Bank announcing it was taking full charge of the troubled institution.

However, sources say efforts by Prime Minister Amama Mbabazi to withhold the exercise have been rendered futile considering that move had been sanctioned by President Yoweri Museveni.

Informed sources say the decision took most NBC officials by surprise.

“We were still in talks with the Central Bank. This was a tsunami,” said a source in NBC.

The Central Bank Deputy Governor, Dr. Louis Kasekende, said the National Bank of Commerce depositors will operate their accounts in Crane Bank Ltd.

“Bank of Uganda has revoked the license of the National Bank of Commerce (U) Limited and ordered the winding up of its affairs under Sections 17(f), 89(2)(f) & (7)(c) and 99(1) of the Financial Institutions Act 2004,” added Kasekende.

“This action has been taken because bank of Uganda has determined that the continuation of NBC’s activities is detrimental to the interests of its depositors,” said Kasekende.

He further stated the management and the board of directors of NBC have been suspended.

“NBC will be closed until further notice by the Bank of Uganda. The BoU will shortly inform NBC depositors of the arrangements that will be put in place to enable them to access their deposits,” said Kasekende.

Bou reassured the public that will continue to protect depositors’ interests and maintain the stability of the financial sector.


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