Commercial Bank of Africa (Uganda)

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Commercial Bank of Africa (Uganda)
Type Private Subsidiary
Industry Financial Services
Founded 2014
Headquarters Twed Towers, 10 Kafu Road, Nakasero, Kampala, Uganda
Key people Samuel Odeke
Managing Director
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Total assets US$18.2 million (UGX:45.4 billion) (KES:1.5 billion) (2014)
Employees 35 (2014)
Website Homepage

Commercial Bank of Africa (Uganda) (CBAU) is a commercial bank in Uganda. The bank opened for business in 2014, following the issuance of a commercial banking license by the Bank of Uganda, the central bank in the country and the national banking regulator.[1] The bank is a member of the Commercial Bank of Africa Group, headquartered in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania and Uganda.[2]

Overview[edit]

CBAU serves the banking needs of individuals and businesses in Uganda. Like its parent company in Kenya, CBAU focuses on meeting the banking needs of large corporations, diplomatic missions, NGOs and high-networth private clients. The parent company raised US$18.2 million (UGX:45.4 billion - KES:1.5 billion), as starting shareholders' equity for CBA Uganda.[3]

History[edit]

Commercial Bank of Africa, the parent company, was founded in 1962 in Dar es Salaam, Tanzania. Soon, branches were opened in Nairobi & Mombasa, Kenya and in Kampala, Uganda. When Tanzania nationalized private banks in 1967, the bank moved its headquarters to Nairobi. Following political changes in Uganda in 1971, the bank sold its assets in that country. In July 2005, Commercial Bank of Africa (CBA) acquired majority shareholding in First American Bank of Kenya, which at the time had a Tanzanian subsidiary called United Bank of Africa.[4] In 2007, United Bank of Africa rebranded to Commercial Bank of Africa (Tanzania), returning the brand to the country since 1967. In October 2011, the CBA Group announced plans to enter Uganda.[5] In February 2013, Kenyan print media reported that Commercial Bank of Africa Group was waiting for approval from Bank of Uganda, the national banking regulator, to open CBAU's first branch in Kampala, the country's capital.[6] In January 2014, the necessary approval was granted and Commercial Bank of Africa (Uganda) became the 26th commercial bank in the country.[7]

Ownership[edit]

Commercial Bank of Africa (Uganda) is a wholly owned subsidiary of Commercial Bank of Africa, a large, privately owned commercial bank based in Nairobi, Kenya, and is a member of the CBA Group of Companies.

Branch Network[edit]

See also[edit]

References[edit]

  1. ^ Nakaweesi, Dorothy (22 January 2014). "Commercial Bank of Africa Returns to Ugandan Market". Daily Monitor. Retrieved 2 May 2014. 
  2. ^ Juma, Victor (11 November 2013). "Kenyatta Business Empire Goes Into Expansion Drive". Business Daily Africa. Retrieved 2 May 2014. 
  3. ^ Ngigi, George (13 August 2012). "CBA Raises KSh1.5 Billion For Expansion Into Uganda Market". Business Daily Africa. Retrieved 2 May 2014. 
  4. ^ "The History of Commercial Bank of Africa Group". CBA Group. Retrieved 2 May 2014. 
  5. ^ Karambu, Immaculate (31 October 2011). "Bank Plans for KSh1.5 Billion Rights Issue". Daily Nation. Retrieved 2 May 2014. 
  6. ^ Herbling, David (13 February 2013). "CBA Awaits Central Bank Approval To Set Up In Uganda". Business Daily Africa. Retrieved 2 May 2014. 
  7. ^ Herbling, David (2 February 2014). "CBA Becomes Ninth Kenyan Bank To Open Shop In Uganda". Retrieved 2 May 2014. 

External links[edit]