Bank of India has returned to Uganda since 1972 when it stopped its operations in Uganda due to political turmoil that hit the country under the leadership of the then president Idi Amin.
The bank has already secured an operating license from Bank of Uganda and, according to a top official; it (the bank) is ready to start business.
The bank’s managing director Rakesh Sehgal told The Independent in an interview that the bank’s return has been boosted by the fact that the country’s economy is expected to grow. “We are seeing political stat ability in Uganda, several natural resources, fertile soils suitable for commercial agriculture among others. These have attracted us back to Uganda,” Sehgal said. He added that the bank will offer both retail and whole sale banking services.
Bank of India Uganda ltd is a subsidiary of Bank of India (from India) with 65.9% shares being owned by the government of India. The Bank is the 5th largest in India having 4000 branches and 1652 ATMs across the country.
Uganda now has 25 commercial banks fully licensed by Bank of Uganda. Experts are predicting that the number will go up as the economy grows.