Bank of Uganda has cleared the merger of two out-of-Nairobi banks- NC Bank Uganda and Commercial Bank of Africa. The two as per 2019 results were the 19th and 21st largest banks by assets respectively and the merger will pave way for Uganda’s 15th largest bank- out of 25 licensed banks. The merged entity will also control well over UGX281 billion in lending and UGX370 billion in customer deposits- roughly 2% market share. CBA entered Uganda in 2014, while NC Bank received a commercial banking license from the Bank of Uganda in April 2012 and opened for business in May 2012. In a joint statement issued by…
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