List Of Banks Closed In Uganda

List Of Banks Closed In Uganda

Closed bank is the act of closing down a bank because of a fiscal emergency or failure.

Bank of Uganda closed seven commercial banks to protect the country’s banking system.

Emmanuel Tumusimme Mutebile, the central bank governor made the revelation on Thursday while appearing before the parliamentary committee on Commissions, Statutory Authorities and State Enterprises (cosase) on the ongoing probe into the closure of the banks in question.

He said the Central Bank was right to intervene and close down the seven defunct banks and will never regret making such decisions.

The seven closed banks include:

Greenland Bank

Teefe Bank

International Credit Bank

Cooperative bank

National Bank of Commerce

Global Trust Bank

Crane Bank Limited.

Why commercial banks are closed in Uganda?

While closing the bank, BoU put forward two reasons for the immediate closure of GTB; one was lack of profitability and the second was lack of accuracy of the information provided to the government. Crane Bank – This is the most recent commercial bank that was closed by Bank of Uganda in 2016.

What is the oldest bank in Uganda?

Standard Chartered Bank Uganda Limited

Standard Chartered Bank Uganda Limited was established in 1912, making it the oldest of the banks in Uganda.

What are Tier 1 banks in Uganda?

Tier 1-Commercial Banks

  • Stanbic Bank Uganda Limited.
  • Centenary Bank.
  • Absa Bank Uganda Limited.
  • Standard Chartered Bank Uganda Limited.
  • DFCU Bank Limited.

Why was Crane closed?

Summary. The former Crane Bank was placed under statutory management by Bank of Uganda (BOU) in September 2016 following a damning audit report that revealed insufficient capital levels, shrinking liquidity ratios, surging loan default levels and gross mismanagement, among others.

What is the cheapest bank in Uganda?

Finance Trust Bank has one of the lowest minimum balances for savings account at Shs2, 000 while Centenary, dfcu and Bank of Africa set theirs at Shs5, 000. For fixed deposits, Diamond, Ecobank, Equity, Orient and UBAU have their minimum balances at Shs5m.