Uganda: BoU Denies Takeover of Bank of India Uganda Ltd

Kampala — The Central Bank of Uganda has come out to dismiss claims about allegations that circulated on social media that the central bank had taken over the Bank of India Uganda Ltd.

In a press statement released by the bank shortly after the news of the alleged takeover went viral, the Governor Bank of Uganda, Prof. Emmanuel Tumusiime- Mutebile said: "Reports circulating on social media to the effect that there was a meeting between officials of Bank of Uganda and the Bank of India Uganda Limited, at which it was decided to close the Bank of India Uganda Limited, or that Bank of Uganda has taken over the said bank, are false," Mutebile said.

He said: Furthermore, there was no meeting between the Deputy Governor, Bank of Uganda and officials of Bank of India Uganda Ltd, as has been alleged.

Mutebile said bank of India Uganda Ltd is operating normally, is profitable and fulfilling all regulatory requirments as set out in the Financial Institutions Acts, 2004 as amended. There is no threat to the safety of depositors' funds.

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