African Union launches s 

Tuesday, December 10, 2013 

Ugandan bank to become regional

KAMPALA, UGANDA - Tropical Bank, a commercial Bank with 99.7% shareholding of the Libyan government has said it will soon set foot in the four other East African partner states as it aims at reaching out to a larger population.

The bank Chairman Gerald Ssendaula said they will first open three new branches of Kaliro, Mbale and Mbarara in Uganda before rolling out to four other partner states.

“Our target now is to open up branches in the four other partner states of Kenya, Rwanda, Burundi and Tanzania. We shall go to South Sudan if they are admitted into the EAC,” said Ssendaula at the opening of their tenth branch on Muganzirwazza plaza in Katwe a Kampala suburb.

Ssendaula called upon the neighborhood to use the banking facilities and avoid the tendencies of keeping money under their mattresses or in banana plantations.

“The facilities are here. People of Natete, Kibuye, Ndeeba, Najjanankumbi, Natete, Katwe and Makindye should open up accounts and use them. We have spacious parking,” he said.

As of December 2012, Tropical Bank was a small-sized financial services provider in Uganda with total bank assets valued at about $84 million (UGX 215 billion), with shareholders’ equity of over US$30 million (UGX:60 billion).

The bank has also maneuvered many waves, including the unrest that led to the ouster and killing of the late Libyan leader Muammar Gadaffi in 2011. 

By Paul Tentena, Tuesday, December 10th, 2013