NCBA Bank Uganda

NCBA Bank Uganda Limited (commonly called NCBA Bank Uganda or shortened to NCBU), is a commercial bank in Uganda. It is one of the commercial banks licensed by the Bank of Uganda, the country's central bank and national banking regulator.[4]

NCBA Bank Uganda
TypeSubsidiary of NCBA Group Plc
IndustryFinancial services
Founded2012 (2012)
HeadquartersRwenzori House
Nakasero Road
Kampala, Uganda
Key people
Grace Jethro Kavuma
Chairman
Mark Muyobo
Acting Managing Director[1]
ProductsLoans, savings, checking, investments, debit cards, credit cards
RevenueIncreaseAftertax:UGX:1.3 billion (2015)[2]
Total assetsUGX:548 billion (US$149 million) (Q1:2020)[3]
WebsiteHomepage

Overview

NCBA Bank Uganda is a retail financial services provider in Uganda, focusing on meeting the banking needs of small and medium enterprises and large corporations. As of 31 March 2020, the total assets of the bank were valued at UGX:548 billion (US$149 million).[3] The bank is a wholly owned subsidiary of the NCBA Group Plc, headquartered in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Ivory Coast and Uganda.[5]

History

The bank was founded in 2012 as NC Bank Uganda and received a commercial banking license from the Bank of Uganda in April 2012.[6] The bank opened for business in May 2012.[7]

In September 2019, the two parent companies of NC Bank Uganda and Commercial Bank of Africa (Uganda), both based in Kenya, received regulatory approval to merge their businesses, thereby merging their subsidiaries in Uganda to form NCBA Bank Uganda, effective 1 October 2019, subject to the approval of the Bank of Uganda.[8]

In June 2020, Bank of Uganda gave consent for the merger of NC Bank Uganda with CBA Uganda. The merger process is expected to be complete by 31 September 2020. The combined bank had total assets of USh548 billion, (approx. US$149 million), as of 31 March 2020.[9][10]

Management

Anthony Ndegwa, formerly managing director of CBA Uganda Limited, was appointed managing director of NCBA Bank Uganda, effective June 2020.[10] In December 2020, Anthony Ndegwa left the bank and Mark Muyobo was appointed as managing director and CEO, in acting capacity.[1]

Branches

As of July 2020, the bank maintained networked branches at the following locations:[11]

  1. Nakasero Branch: Rwenzori House, Nakasero Road, Nakasero, Kampala Main Branch
  2. Bugoloobi Branch: 2nd Floor, Village Mall, Bugoloobi, Kampala
  3. Market Plaza Branch: Market Street, Kampala.
  4. Kafu Road Branch - Twed Towers, 10 Kafu Road, Nakasero, Kampala.

See also

References
  1. Muhereza Kyamutetera (3 December 2021). "Anthony Ndegwa exits NCBA Bank Uganda; replaced by Mark Muyobo as Ag Managing Director & CEO". CEO Magazine Uganda. Kampala, Uganda. Retrieved 31 January 2022.
  2. Muhumuza, Mark Keith (15 April 2015). "NC Bank profits up as loan defaults hit Shs10 billion". Daily Monitor. Kampala. Retrieved 15 April 2016.
  3. Muhereza Kyamutetera (1 June 2020). "Anthony Ndegwa To Head Merged NCBA Bank Uganda; Ntulume And Muyobo Designated Executive Directors". CEO Magazine Uganda. Kampala. Retrieved 11 July 2020.
  4. Bank of Uganda (15 June 2020). "List of Licensed Commercial Banks As At June 2020" (PDF). Kampala: Bank of Uganda. Retrieved 22 June 2020.
  5. George Obulutsa (27 September 2019). "Kenya Central Allows Merger of Lenders NIC and CBA Group". Reuters.com. Archived from the original on 28 September 2019. Retrieved 28 September 2019.
  6. "Bank of Uganda Licenses Two New Banks In 2012". Bank of Uganda. Retrieved 4 May 2014.
  7. Nation Correspondent (April 2012). "NIC to open Uganda branch in growth drive". Daily Nation. Nairobi. Retrieved 14 August 2015.
  8. George Obulutsa (27 September 2019). "Kenya Central Allows Merger of Lenders NIC and CBA Group". Reuters.com. Archived from the original on 28 September 2019. Retrieved 28 September 2019.
  9. Christine Kasimiire (1 June 2020). "NC, CBA Merger To Create Shs548 Billion Bank". Daily Monitor. Kampala. Retrieved 2 June 2020.
  10. Ali Twaha (23 June 2020). "Bank Mergers: NCBA Bank Unveiled". New Vision. Kampala. Retrieved 11 July 2020.
  11. NC Bank Uganda (2019). "Branches of NC Bank Uganda Limited". Kampala: NC Bank Uganda Limited. Retrieved 11 March 2019.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.