5 March 2012

Uganda: Stanchart Targets Oil

Standard Chartered Bank Uganda will soon be opening a branch in the Lake Albertine region where oil exploration is going to take place, Lamin Manjang, the bank's managing director has said.

"That region is going to turn into a centre of economic activity and many companies will be starting business there," Manjang was speaking on the sidelines of the breakfast meeting with its Chinese customers in Kampala last week.

Manjang said the new branch will offer both wholesale and consumer banking services but the branch will be targeting those in the oil sector. The bank currently has 11 branches countrywide. "Our aim is to provide good quality, reliable, convenient and efficient services to our customers. We are sure customers are waiting for this service," he added.

Meanwhile, Manjang said the bank is strengthening its relationship with the Chinese community by providing products like quick trading in RMB-Chinese currency services and trade finance facility. He urged Chinese to open an RMB account with Standard Chartered and deposit money onto it then transact in China without incurring exchange losses of converting via the US Dollar.

"China has become the second largest economy in the world, and has become a major player in International Trade over the past decade," Manjang said adding Chinese investments have been focused in some of the major sectors of the economy like Oil and Gas industry, Construction, Telecoms and Trading.

Being a member of Standard Chartered Group, the Bank has been operating in Uganda for over 99 years with a network of 11 branches, 29 ATMs spread across the country.

It employs over 500 people and its core businesses in Uganda are in Consumer Banking and Wholesale Banking (Origination & Client Coverage and Global Markets) products and services.

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