4 April 2012

Uganda: Post Bank Gets New Board

Post Bank will soon start operating as a Commercial bank, New Vision has established.

The bank has in a swift move applied for the Tier 1 License from the Ministry of Finance to enable it operate as a Commercial Bank.

According to the bank's Managing Director, Steven Mukweli, the Shs5bn capital investment from Government was instrumental in boosting its capital base.

Mukweli made the pronouncement during the inauguration of the new board of directors of Post Bank at a function held at Protea Hotel.

The new board headed by Obella Oode was appointed by the Finance Minister Maria Kiwanuka.

The new board replaces the one headed by Eldad Kansiime, that was named five years ago.

Other board Members include Grace Bakunda, Hawa Lule Nsubuga, Grace Isabirye and Henry Mbaguta.

Post Bank Uganda is 100% Government owned. The appointing of new Board of Directors by the Ministry of Finance, Planning and Economic Development is the second since 2008.

The Director budgeting in the Finance ministry, Patrick Ocailap who represented Maria Kiwanuka at the function said Post Bank had raised its balance sheet from 48 Billion shillings in 2008 to 107 Billion Shillings in 2012, making it sound enough to start operating as a commercial bank.

"The bank has also managed to increase its velocity within the country's rural areas by establishing nine branches and 131 mobile services centers," he said.

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