Friday 12th of February 2016 11:22:54 PM

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BoU revokes National Bank of Commerce license

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Bank of Uganda has taken over the management of the National Bank of Commerce (U) Ltd effective September 27, 2012.

According to a press statement issued by Bank of Uganda, the National Bank of Commerce depositors will operate their accounts in Crane Bank Ltd,

The development was announced by Louis Kasekende, the deputy governor Bank of Uganda.

“Bank of Uganda has revoked the license of the National Bank of Commerce (U) Limited and ordered the winding up of its affairs under Sections 17(f), 89(2)(f) & (7)(c) and 99(1) of the Financial Institutions Act 2004,” reads a statement.

The reasons for the decision were not disclosed but the bank has been struggling to survive amidst internal wrangles by the shareholders.

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