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Absa Group Limited’s Barclays-branded subsidiaries in seven African countries – Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia – were renamed as ‘Absa’ today, February 12th 2019, completing the name change across the continent. Absa Group’s subsidiaries in Uganda and Mozambique were renamed in November. The renaming of the remaining subsidiaries today marks another substantial milestone in Absa’s separation from Barclays PLC, a three-year process scheduled for completion by mid-2020. “More than a name change, this is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent…
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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018. The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019. According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs)…
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Absa Bank Uganda, a subsidiary of Absa Group Limited has today received the license to operateand trade under its new name from Bank of Uganda. Formerly known as Barclays Bank Uganda, the name change marks the start of a new era for the bank’s operations, one that sees the realisation of an ambition to become an independent African bank. The license was officially handed over to the bank’s Managing Director, Nazim Mahmood by Prof. Emmanuel Mutebile, Governor, Bank of Uganda at the Central Bank head office. “Today we begin a new chapter as Absa Bank Uganda Limited, adopting our parent…
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Hardly two years after assuming the role of Retail Banking Director at Barclays Bank, Uganda, Kumaran Pather is said to be headed to Orient Bank as Managing Director. According to 3 separate sources, this reporter talked to, Kumaran has resigned his position at Barclays Bank and as he waits for Bank of Uganda’s approval. Section 54 of the Financial Institutions Act (2004) requires all bank board directors to undergo a fit and proper test, carried out by the Central Bank. Orient Bank is Uganda’s 12th largest bank by assets (UGX750bn:2018) and 8th largest by customer deposits (UGX618: 2018). Kumaran is…
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When it comes to migration, integration and rebranding, Barclays Bank has had a nasty experience in Uganda before. The 2009/10 integration of newly acquired Nile Bank into Barclays was such a pandemonium that at some point it sparked false fears that the bank was closing- but all that is in the past. Barclays Bank has since stabilized today. It is the 5th largest bank by assets, lending, customer deposits and profitability, with approximately 10% market share on all those parameters. It, in 2018 registered UGX2.8 trillion in assets, UGX1.2 trillion in lending, UGX1.8 trillion in deposits and UGX69 billion in…
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“The rebrand is in line with Barclays Bank of Uganda Limited’s parent company, Absa Group’s 2018 decision to rebrand all operations across the continent to Absa in a carefully managed programme that involves ongoing engagement and close co-operation with the relevant regulatory authorities. “ Barclays Bank of Uganda Limited is in the final preparations to change to Absa Bank Uganda Limited. The rebrand is in line with Barclays Bank of Uganda Limited’s parent company, Absa Group’s 2018 decision to rebrand all operations across the continent to Absa in a carefully managed programme that involves ongoing engagement and close co-operation with…
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