List Of Closed Banks In Uganda
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.
He added that Central bank recognizes the significance of the evidence that has been presented and is confident that it will increase transparency and accountability which the bank tends to maintain.
Below are the seven banks closed in uganda
The seven closed banks include:
International Credit Bank
National Bank of Commerce
Global Trust Bank
Crane Bank Limited.
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.
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.
Which is the best bank in Uganda?
- Stanbic Bank. Stanbic bank is currently the biggest and largest bank operating in Uganda.
- Centenary Bank.
- Absa Bank.
- Standard Chartered Bank.
- Dfcu Bank.
- Bank of Baroda Uganda.
- Citibank Uganda Ltd.
- Equity Bank.
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.
Which bank in Uganda has many customers?
Largest banks in Uganda:
It has more than 1.4 million customers across a network of over 60 branches and around 172 ATMs. The bank also has a significant rural role.