Bank of Baroda (Uganda)

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Bank of Baroda
Type Public:USE: BOBU
Industry Banking, Capital Markets & Finance
Founded 1953
Headquarters 18 Kampala Road
Kampala, Uganda
Key people Dr. Rama Makuza
Chairman
B. S. Dhaka
Managing Director
Products Loans, Credit Cards, Savings, Investments
Revenue IncreaseAftertax:US$5.5 million (UGX:13.7 billion) (Q2:2013)
Total assets US$331.1 million (UGX:825.8 billion) (Q2:2013)
Employees 188 (2011)
Website Homepage

Bank of Baroda (Uganda) (BOBU) is a commercial bank in Uganda. It is one of the commercial banks licensed by the Bank of Uganda, the national banking regulator.[1]

Overview[edit]

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 June 2013, BOBU is the 8th largest commercial bank in Uganda, with an estimated asset valuation of nearly US$331.1 million (UGX:825.8 billion) and shareholders' equity of about US$59.6 million (UGX:148.6 billion).[2]

History[edit]

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.[3] In November 2002, BOBU offered 20% of its shares to institutional and private investors on the Uganda Securities Exchange (USE), through an IPO.[4]

Subsidiaries[edit]

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.

Ownership[edit]

80% of BOBU is owned by BBI. The remaining 20% is owned by institutional and private investors in Uganda. The following table shows the five largest shareholders of Bank of Baroda (Uganda).

Bank of Baroda (Uganda) Stock Ownership
Rank Name of Owner Percentage Ownership
1 Bank of Baroda 80.00
2 National Social Security Fund (Uganda) 6.69
3 UCEC Pension Scheme 1.25
4 Byamugisha Joseph 0.63
5 Shri Sthanakvasi Jain Sangh 0.50
6 Others 11.94
Total 100.0
  • UCEC = Uganda Communications Employees Contributory Pension Scheme
  • Source: Livingstone Registrars

Management team[edit]

Dr. W. Rama Makuza is Chairman of the Board and B. S. Dhaka is the Managing Director.

Branch network[edit]

As of November 2012, Bank of Baroda (Uganda) has a network of branches in the central, eastern, northern and western parts of Uganda. The current branch network includes the following locations:[5]

  1. Head Office - 18 Kampala Road, Kampala
  2. Jinja Road Branch - 2 Jinja Road, Kampala
  3. Kansanga Branch - 70-378 Ggaba Road, Kansanga, Kampala
  4. Ovino Market Branch - Tirupati Ovino Market, 22 Block 12 Kisenyi, Kampala
  5. Kawempe Branch - 35-36 Bombo Road, Kawempe
  6. Entebbe Branch - Victoria Medical Services Building, 24 Gowers Road, Entebbe
  7. Mukono Branch - 59-67 Jinja Road, Jinja Road, Mukono
  8. Jinja Branch - 16 Iganga Road, Jinja
  9. Iganga Branch - 84 Main Street, Iganga
  10. Mbale Branch - Baroda House, 3 Pallisa Road, Mbale
  11. Mbarara Branch - 11 Masaka Road Mbarara
  12. Kabale Branch - 94 Kabale Road, Kabale
  13. Lira Branch - 2 Aputi Road, Lira
  14. Industrial Area Branch - Mulwana Road, Industrial Area, Kampala[6]
  15. Kololo Branch - 31 Kira Road, Kololo, Kampala

See also[edit]

External links[edit]

References[edit]

  1. ^ "List of Licensed Commercial Banks In Uganda". Bank of Uganda. Retrieved 30 April 2014. 
  2. ^ "Unaudited 30 June 2013 Financial Statement". Bank of Baroda Uganda. Retrieved 1 May 2014. 
  3. ^ "History of Bank of Baroda Uganda". Retrieved 1 May 2014. 
  4. ^ "Profile of Bank of Baroda Uganda (BOBU) At Uganda Securities Exchange Website". Uganda Securities Exchange. Retrieved 1 May 2014. 
  5. ^ "Branches of Bank of Baroda In Uganda". Bank of Baroda Uganda. Retrieved 1 May 2014. 
  6. ^ Sanya, Wilfred (1 November 2012). "Baroda Goes to Industrial Area". New Vision via AllAfrica.com. Retrieved 1 May 2014.