Bank of Baroda (Uganda)
|Industry||Banking, Capital Markets & Finance|
|Headquarters||18 Kampala Road
|Key people||Dr. Rama Makuza
Ashok Kumar Garg
|Products||Loans, Credit Cards, Savings, Investments|
|Revenue||Aftertax:US$11.6 million (UGX:29.4 billion) (2012)|
|Total assets||US$278.6 million (UGX:709 billion) (2012)|
The bank is involved in all aspects of commercial banking, focusing on servicing large corporations, small and medium enterprises (SMEs), as well as individuals. Bank of Baroda (Uganda) is a subsidiary of Bank of Baroda (BBI), an International bank with headquarters in Mumbai, India with over 2,750 branches in 17 countries and a balance sheet of approximately US$ 14 billion as of March 2002. Bank of Baroda (Uganda) is listed on the Uganda Securities Exchange, (USE), effective November 14, 2002, where it trades under the symbol BOBU. As of December 2012, BOBU is the 8th largest commercial bank in Uganda, with an estimated asset valuation of nearly US$279 million (UGX:709 billion) and shareholders' equity of about US$53 million (UGX:134.7 billion).
BBI has been in operation for 94 years in India and 49 years in East Africa, where BBI opened its first overseas branches in Mombasa, Kenya and Kampala, Uganda in 1953. The Group commenced operations in Uganda on 18 December 1953, initially as an overseas branch of BBI. On 1 November 1969, BOBU was duly incorporated in Uganda. In 1972, BOBU acquired the banking business of Bank of India Uganda Limited and the Government of Uganda acquired a 49% shareholding in BOBU, leaving BBI with a 51% shareholding. In 1999, the Government of Uganda divested its 49% shareholding, returning full ownership of BOBU to BBI. In November 2002, BOBU offered 20% of its shares to institutional and private investors on the Uganda Securities Exchange (USE), through an IPO.
The bank owns 100% of Baroda Capital Markets (Uganda) Limited, which was established in 1993. The subsidiary is a broker/dealer in capital markets and is licensed by Uganda's Capital Markets Authority (CMA). The Baroda brokerage is a member of the CMA Governing Council.