7 March 2016

Uganda: Exim Bank Takes Over Imperial Bank

EXIM Bank Tanzania has entered the Ugandan banking sector by taking full charge of Imperial Bank, now called Exim Bank Uganda.

Bank of Uganda recently sold 58.6% ordinary shares of Imperial Bank (Uganda) Ltd, formerly held by Imperial Bank (Kenya) Ltd, to Exim Bank (Tanzania) Ltd.

Sarah Baagalaliwo, Chairperson of Exim BankUganda makes addresses Press after opening ceremony. PHOTOS via Simon Kaheru @skaheru

The new bank today opened doors under the new names, with Ms. Sarah Bagalaaliwo as Bank Chairperson. All Imperial Bank Staff will be retained.

At the opening today, Bank MD RR Chandramouli said the bank is keen to increase its portfolio in agriculture and the SME sectors. Exim Tanzania CEO Dinesh Arora revealed that sh40 billion has already been invested in Exim Bank Uganda and they chose Uganda because prospects are high.

Exim Bank Uganda already has five branches with headquarters at Plot 6 Hannington Road in Kampala.

Exim Bank Tanzania is the largest indigenous bank and 5th among the 58 banks operating in Tanzania with over 300,000 customers and 700 staff.

Leila Nalule says prayers at Exim Bank Uganda opening next to Directors Alykhan Karmali, Dinesh Arora

Bank of Uganda, sounded pleased, and said "BoU congratulates Exim Bank (Uganda) Ltd, the new majority shareholders, and the old minority shareholders, the customers and clients, on this significant milestone that will certainly make the bank stronger."

BOU PRESS RELEASE

EXIM BANK (UGANDA) LIMITED TAKES OVER IMPERIAL BANK (UGANDA) LIMITED

In accordance with its powers stipulated under Sections 88 and 89 of the Financial Institutions Act 2004 as amended, Bank of Uganda has recently sold 58.6% ordinary shares of Imperial Bank (Uganda) Ltd, formerly held by Imperial Bank (Kenya) Ltd, to Exim Bank (Tanzania) Ltd.

Accordingly, Imperial Bank (Uganda) Ltd has changed its name to Exim Bank (Uganda) Ltd. Exim Bank (Uganda) Ltd has also appointed a new Board of Directors. Therefore, Bank of Uganda has today, 17th March 2016, ended its Statutory Management in Imperial Bank (Uganda) Ltd, now Exim Bank (Uganda) Ltd.

Bank of Uganda congratulates Exim Bank (Uganda) Ltd, the new majority shareholders, and the old minority shareholders, the customers and clients, on this significant milestone that will certainly make the bank stronger.

Bank of Uganda would like to inform the customers of Exim Bank (Uganda) Ltd, formerly Imperial Bank (Uganda) Ltd, and the public that the operations and services of Exim Bank (Uganda) Ltd shall continue normally.

MANAGEMENT

MARCH 07,2016

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