East Africa: Exim Bank Extends Wings to Uganda

Exim Bank Tanzania Limited has extended its footprint to Uganda becoming the first bank in the country with a subsidiary in Kampala. The move follows Exim Bank's decision to acquire majority stake in the Imperial Bank Uganda Limited, it was announced in Dar es Salaam.

The acquisition process was completed under purview and supervision of Bank of Uganda. Exim Bank Tanzania now holds 58.60 per cent stake in the newly formed entity Exim Bank Uganda Limited.

Amazal Holdings under Mukwano Group, which has diversified business interests within and outside Uganda, holds 36.5 per cent shares and the rest 4.9 per cent belong to Export Finance Limited.

"I am happy and excited to announce that Exim Bank has established its footprint in Uganda in partnership with one of the most eminent and largest business groups," Said Mr Selemani Ponda, the Bank's Chief Financial Officer at a news conference in Dar es Salaam.

"There could not have been a better opportune time to make an entry into Uganda through such an alliance, when the EAC itself has been actively engaged in leveraging the capacity of all the Countries in the Region," added Mr Ponda.

Exim Bank, the largest indigenous Bank in Tanzania is completing 19th year of its establishment, having started its operations with one branch in Dar es Salaam. The bank now boasts of 37 branches at strategic centres across Tanzania and two overseas subsidiaries in the Comoros and Djibouti.

The bank's total assets were 1.25tri/- as of December 31, 2015 with shareholders funds nearly US$90 million.

Exim Bank posted a stellar financial performance for the year 2015, with the bottom line (Profit after Tax) posting a record growth of 80 per cent over previous year at 30.67bn/-.

Source: All Africa

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