Smaller banks pay higher interest of much as 3 per cent per annum for saving your money with them. Cairo International Bank, GTBank, and Housing Finance bank seem to offer the best deal with all of them indicating they will pay 3 per cent interest for the money you keep with them or on your savings account.
On Monday, it emerged that I&M Holdings Limited, the owners of I&M Bank Kenya, have reached an agreement with Orient Bank owners to buy 90 percent of the bank. The transaction awaits approval from regulators in Kenya and Uganda.
I&M Holdings, which is listed on the Nairobi Stock Exchange, says the acquisition of the bank is now subject to several conditions including regulatory and corporate approvals including those from the central bank of Kenya, Bank of Uganda, Capital Markets Authority and shareholders of the company in general meeting.
The merger of the banks had already received approval from the Central Bank of Kenya, where they are both headquartered, but needed a nod from the Bank of Uganda. In a joint statement issued on Monday, both banks said the merger had received a letter of “no objection” meaning it can go ahead as planned.
The suggestion is one of the promises that the Ugandan government has put forward to lenders, including the International Monetary Fund and World Bank, indicating UDB will be used as a vehicle to finance local companies as they recover from the coronavirus crisis
On Tuesday March 24, the Bank of Uganda quoted the shilling at Shs 3,893/3,903 buying and selling respectively against the dollar. This is far weaker than a week ago when the local currency traded at Shs 3,741/50 against the dollar.
Kasekende, 61, first served as the deputy governor between 1999 and 2002. Before then, he had served in different capacities at the central bank –director of Research Department and executive director responsible for research and policy.
The tightening of loan terms for long term borrowers could be due to the fact that the country is entering an electoral period where businesses are affected with most investors putting their spend in Uganda on hold for the period to end. While government is not expected to change, there is uncertainty over the economy in the after 2021. Banks are saying let us wait and see.
The Committee on Commissions Statutory Authorities and State Enterprises (COSASE) queried irregular procurement worth 300 million Shillings of 350 branded pens worth 125 million Shillings, and a payment of 100 million Shillings to Kampala Serena Hotel. Also queried is an additional 64 million Shillings that was paid out for the hire of tents and chairs in 2016.
This brings the total export for the three months to March 2019 or the first quarter of 2019 to $493m (1.8 trillion shillings), this is slightly lower than the $ 549 million (2 trillion Shillings) exported in the whole of 2018
Mukweli who has been the bank’s Managing Director since the early 2000s, handed in his resignation to the bank’s board chairman Grace Bakunda on Friday, a day after his appearance at the Anti-Corruption Court, where he and six other officials were charged with abuse of office, causing financial loss and conspiracy to defraud their employer.
A statement issued this evening by the Central Bank indicates that The Bank of Uganda is working very closely with investigative teams and the Ministry of Finance to ensure that the services and operations of Post Bank Uganda Limited are not interrupted.
The reorganization will see the formation of a holding company where the banking business will be transferred as a subsidiary. The company will then invest in non-banking ventures. A holding company refers to a corporation that owns enough voting stock in another company to control its management and policies.
The report indicated that an analysis of the Banks liquidity from 1st January to 24th January 2017 revealed that the financial institution had recovered from liquidity distress from mid-January 2017 to the time it was disposed on 25th January 2017.