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Banque Du Caire (BDC), Egypt’s 5th largest bank has fully recapitalised Cairo Bank Uganda as per the revised Bank of Uganda capital buffers, CEO East Africa can exclusively reveal. Banque Du Caire (BDC) owns 100% of Cairo Bank. “I do confirm that as of June 2023, Cairo Bank Uganda Ltd was complying with the minimum capital requirements. There was a capital injection from the shareholder Banque du Caire,” Sylvia Jagwe Owachi, the Executive Director of Cairo Bank told CEO East Africa Magazine in an emailed response. Cairo Bank was one of the undercapitalised banks as per the revised capital buffers…
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Hardly 5 years, after being granted a tier-1 commercial banking license, Opportunity Bank is downgrading back to a Tier 2 Microfinance Deposit-taking Institution (MDI), CEO East Africa Magazine can exclusively reveal. This decision has been confirmed to CEO East Africa Magazine, in an email. It follows the Financial Institutions (Revision of Minimum Capital Requirements) Instrument 2022 of November 2022 that requires financial institutions to significantly increase their capital buffers. “Over the last 12 months, Opportunity Bank has comprehensively reviewed its strategic plan, business model, service offerings and target customer market. The outcome of this review shall be a transformed Opportunity…
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With only a few days left to the June 30th 2023 compliance deadline for banks that failed to raise UGX120 billion in both share capital and core capital by December 31st 2022, a number of the affected banks are in last-minute mad dashes to raise the capital needed or else face a raft of regulatory sanctions that could include closure. According to a tabulation by CEO East Africa Magazine, as of December 2022, out of the 25 banks, as per published financial results, at least 10 banks didn’t meet the thresholds on share capital while 11 did not meet the…
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