Exim Bank has stepped up its operations in the Uganda market with the Central Bank reiterating the institution’s solidity and determination to provide superior banking services in Uganda.
Bank of Uganda recently sold majority stake of Imperial Bank shares to Exim Bank (Tanzania) Ltd in what officials described as a “significant milestone that will certainly make the bank stronger”.
The Central Bank Governor Prof Tumusiime-Mutebile said Exim’s decision to invest in the country is an added advantage to the economy through technology transfer, stuff http://craigpatchett.com/wp-content/plugins/jetpack/modules/carousel.php wider banking network and creation of employment opportunities among other benefits.
“I have no doubt opening of their doors to the country is a fantastic opportunity to the banking industry. It will have a significant contribution to the banking sector in Uganda, check http://cloudninerealtime.com/wp-content/plugins/woocommerce/includes/class-wc-breadcrumb.php ” Prof Mutebile observed during a cocktail at Kampala Serena Hotel on Friday.
The function was attended by BoU Deputy Governor Louis Kasekende and top businessmen.
Speaking at the function, visit this http://cloudninerealtime.com/wp-admin/includes/class-wp-list-table-compat.php Exim Bank Managing Director R.R Chandramouli said having stared in 1997 in Tanzania; the bank has grown to extend to various countries including Comoros and Djibouti.
“As Uganda is marking an era of political stability, it is a great pleasure that the bank has extended its operations to Uganda. We are committed to growing the country’s economy and the population at large,” said Mr. Chandramouli.
He however noted that the banking sector all over the world is changing, adding that the policies by the central banks play a vital role in the financial sector’s growth.
He applauded Bank of Uganda for its role in stabilizing Uganda’s economy.
“This is the beginning of a new journey we started and we look at getting enthusiastic support from the people in Uganda because we are a bank with roots within Africa.”
Exim bank from Tanzania recently bought 58.6 per cent stake in struggling Imperial Bank Uganda for $6.8Million to become the majority shareholder.
The 5th largest bank in Tanzania partnered with Mukwano group of companies to extend its wings to the Ugandan market.
According to the Managing Director, Mr. Chandramouli, Exim bank currently has 5 branches in Uganda and by the end of the year, the number will have doubled.