Diamond Trust Bank (Uganda) Limited

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Diamond Trust Bank (Uganda) Limited
Type Private
Industry Financial Services
Founded 1945
Headquarters Kampala, Uganda
Key people Abdul Samji
Chairman
Varghese Thambi
Managing Director & CEO
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue IncreaseAftertax: US$6 million (UGX:14.92 billion) (2012)
Total assets US$252.5 million (UGX:628.5 billion) (2012)
Website Homepage

Diamond Trust Bank (Uganda) Limited is a commercial bank in Uganda. It is one of the commercial banks licensed by Bank of Uganda, the central bank and national banking regulator.[1]

Overwiew[edit]

As of November 2011, the bank was a fast-growing, medium-sized, banking institution, providing commercial banking services to individuals, small and medium enterprises (SMEs) and large corporations. According to the bank's annual financial statement for December 2012, the total asset valuation was in excess of US$252 million (UGX:628.5 billion), representing approximately 4% of banking assets in Uganda at that time. At that time, shareholders' equity was valued at about US$22 million (UGX:54.63 billion).

History[edit]

The history of Diamond Trust Bank (Uganda) Limited dates back to 1945, when it was operating as the Diamond Jubilee Investment Trust, with its head office in Dar es Salaam, Tanzania, and branches in Mombasa, Kenya and Kampala, Uganda. Branches were later opened at Nairobi and Kisumu in Kenya. The company was initially established as a community-based finance house, dedicated towards the extension of credit to the East African Ismaili Community; and the mobilization of their savings. In 1965, Diamond Jubilee Investment Trust was decentralized, and split into three entities, one each in Kenya, Tanzania and Uganda.

In 1968, the rapid economic development of post-independence Uganda saw the founding of Diamond Trust Properties Uganda Limited (DTPU). In 1972 Diamond Trust (Uganda) Limited (DTU) commenced operations as a non-bank financial institution. Between 1972 and the early 1990s, DTU was largely moribund due to the prevalent political instability.

In 1995 the institution was recapitalized with the participation of the Aga Khan Fund for Economic Development (AKFED) and Diamond Trust Bank (Kenya) Limited (DTBK). In 1997, the bank became a full-service commercial bank and was renamed Diamond Trust Bank (Uganda) Limited (DTBU).[2]

Diamond Trust Bank Group[edit]

DTBU is a member of the Diamond Trust Bank Group, a large financial services provider in East Africa, with operations in Burundi, Kenya, Rwanda, Tanzania, and Uganda.[3][4] Members of this group include:

  • Diamond Trust Bank (Burundi) Limited
  • Diamond Trust Bank (Kenya) Limited
  • Diamond Trust Bank (Rwanda) Limited
  • Diamond Trust Bank (Tanzania) Limited
  • Diamond Trust Bank (Uganda) Limited

Ownership[edit]

Diamond Trust Bank (Kenya) Limited owns 51% shares in Diamond Trust Bank (Uganda) Limited.[5] The remaining 49% is owned by the Aga Khan Fund for Economic Development (AKFED).

Diamond Trust Bank (Uganda) Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 Diamond Trust Bank (Kenya) Limited 51.0
2 Aga Khan Fund for Economic Development 49.0
Total 100.0

Governance[edit]

Diamond Trust Bank (Uganda) Limited is governed by a seven-person Board of Directors. Abdul Samji, one of the non-Executive Directors is the Chairman of the Board. Varghese Thambi, one of the Executive Directors is the Managing Director and Chief Executive Officer. He is assisted by nine other managers in supervising the bank's daily activities.

Branch Network[edit]

As of May 2014, Diamond Trust Bank (Uganda) Limited has a network of branches in the Central, Eastern, Northern and Western regions of Uganda. The current branch network includes the following locations:[6]

  1. Arua Branch - 18-20 Avenue Road, Arua
  2. Busia Branch - 9 Sophia Lane, Busia
  3. Bwaise Branch - 3300 Bombo Road, Bwaise, Kampala
  4. Equatoria Branch - Equatoria Hotel Building, 37-39 William Street, Kampala
  5. Namasuba Branch - Freedom City Mall, Namasuba, Kampala
  6. Industrial Area Branch - 10-12 Kibira Road, Kampala
  7. Jinja Branch - 32-34 Main Street, Jinja
  8. Kikuubo Branch - Sena Arcade, 60 Ben Kiwanuka Street, Kampala
  9. Kitintale Branch - 1336 Port Bell Road, Kitintale, Kampala
  10. Lira Branch - 4 Aputi Road, Lira
  11. Kampala Road Branch - 17-19 Kampala Road, Kampala Main Branch
  12. Kamwookya Branch - 67 Kira Road, Kamwookya, Kampala
  13. Kisenyi Branch - USAF Market, Kisenyi, Katwe Zone, Kampala[7]
  14. Kyengera Branch - Ssendi House, 415 Masaka Road, Kyengera
  15. Malaba Branch - 24 Kwapa Road, Malaba, Uganda
  16. Masaka Branch - 39 Kampala Road, Masaka
  17. Mbale Branch - 15B Bishop Wasike Road, Mbale
  18. Mbarara Branch - 54 Mbaguta Road, Mbarara
  19. Naalya Branch - Metroplex Shopping Mall, Naalya
  20. Nakivubo Branch - Ssekaziga House, 12-37 Channel Street, Kampala
  21. Nateete Branch - Batuma House, 764 Masaka Road, Nateete, Kampala
  22. Ndeeba Branch - 336 Masaka Road, Ndeeba, Kampala
  23. Ntinda Branch - 2117 Kira Road, Ntinda, Kampala
  24. Oasis Mall Branch - Oasis Mall, Yusuf Lule Road, Kampala
  25. Old Kampala Branch - 17-21 Club House, Old Kampala, Kampala
  26. Wandegeya Branch - 38 Bombo Road, Wandegeya, Kampala

See also[edit]

References[edit]

  1. ^ "List of Licensed Commercial Banks In Uganda". Bank of Uganda. Retrieved 25 April 2014. 
  2. ^ "History of Diamond Trust Bank (Uganda) Limited". Diamond Trust Bank. Retrieved 3 May 2014. 
  3. ^ Vision, Reporter (22 August 2007). "60 Year Old Diamond Trust Bank Rebrands". New Vision. Retrieved 3 May 2014. 
  4. ^ New, Times (14 August 2009). "Kenya’s Diamond Trust Bank To Extend To Rwanda". The New Times (Rwanda). Retrieved 3 May 2014. 
  5. ^ Riungu, Catherine (13 March 2009). "Armed With Profits, Diamond Trust Heads To Zanzibar, Burundi". The EastAfrican. Retrieved 3 May 2014. 
  6. ^ "List of Diamond Trust Bank Branches In Uganda". DTB Uganda. Retrieved 3 May 2014. 
  7. ^ Masinde, Andrew (14 March 2014). "Kisenyi Residents Advised To Embrace Development". New Vision. Retrieved 3 May 2014. 

External links[edit]