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Access Bank Plc has completed the acquisition of National Bank of Kenya (NBK) from KCB Group for USD 109.6 million (KShs 14.2 billion), closing a deal first announced in March…
Former Ugandan Attorney General William Byaruhanga has extended his footprint beyond Kampala’s legal and real estate corridors into Nairobi’s financial sector, in a billion-shilling bet that reshapes the ownership of…
As Uganda’s economy gains momentum in its post-pandemic rebound, a quiet contradiction is taking shape in the financial sector. On the surface, there’s cause for celebration. Mobile money volumes are…
Standard Chartered Bank Uganda Chief Executive, Sanjay Rughani has indicated that a number of major banks have expressed interest in acquiring the bank’s Retail and Wealth Business. The London-based group announced in November last year its intention to sell its Wealth and Retail Banking (WRB) businesses in Botswana, Uganda, and Zambia, as it seeks to concentrate resources on serving the cross-border needs of global corporate and financial institution clients. “We’re currently looking at the right partners who can buy that business. We’ve got a lot of interest but it’s still all work in progress…because it is a discussion with a…
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Dr. Mahmoud Momtaz, the Chairperson of The Common Market for Southern and Eastern Africa (COMESA) Competition has cleared the merger and acquisition of Uganda’s Finance Trust Bank with Nigeria’s Access Bank, a decision that is slated to impact market dynamics in East Africa’s banking industry. Access Bank will acquire up to 80.89% of the issued shares, which is a subscription of 35 million ordinary shares pursuant to the proposed capital investment into Finance Trust Bank from the initial proposed acquisition of 69.7 percent. Upon completion of the proposed transaction, Finance Trust Bank institutional shareholders including, Oiko Credit Ecumenical Development Cooperative…
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