UBA Uganda Head Office
The Minister of Finance, Planning and Economic Development on November 16, 2022 signed a statutory instrument increasing the Minimum Capital requirements for Tier 1 Commercial Banks in Uganda to UGX 120bn (USD 32.3mn) and UGX 150bn (USD 40.4mn) by December 31, 2022 and June 30, 2024 respectively.
Accordingly, United Bank for Africa Uganda (UBAU) engaged its majority shareholder, the Parent company UBA Nigeria PLC , for the additional Capital of Ugx57bn to comply with the minimum capital requirement by December 31, 2022.
“We are pleased to inform our esteemed stakeholders that in line with the Bank’s vision of being a truly Pan-African Bank and supporting growth in the African continent, UBA PLC injected the additional capital of UGX 57.1bn ($15.8mn) to support the Bank meet the revised Minimum Capital requirement as at December 2022,” the statement from UBA Uganda reads in part.
It adds that the strong capitalisation of the bank is in line with the Bank’s strategy, and ‘will support our business intermediation in our key target markets of the economy including but not limited to Agriculture, Construction, Manufacturing, Trade & Commerce, Oil & Gas, Telecommunications, Services etc. across both Corporate, SME and Retail segments of our business.”
“We remain highly optimistic about the strong presence of the United Bank for Africa in Uganda and will continue to offer and meet the aspirations of our customers in the course of their businesses through our effective and innovative Digital platforms and array of Products,” the statement adds.
United Bank for Africa is one of the largest Banking Groups in the Africa, serving over 35 million customers globally, operating in 20 African countries, United Kingdom, United States of America, France and Dubai and linking African businesses through our cutting edge technology.