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A Djibouti-based bank, Salaam African Bank (SAB) has acquired Uganda’s Top Finance Bank Limited (TFB). Bank of Uganda (BoU), the financial sector regulator announced the acquisition today on Monday 8th August 2022. “This is to inform the general public that MA Salaam African Bank (hereafter SAB) with its Headquarters in Djibouti has acquired Top Finance Bank Limited (hereafter TFB),” the central bank announced. Top Finance Bank (TFB) was registered on 14th June 2012 as a company limited by shares to provide financial services in Uganda. “This transaction was concluded following Bank of Uganda approval ‘in accordance with provisions of the…
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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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