Guaranty Trust Bank (Uganda)

Guaranty Trust Bank (Uganda)
Company typeSubsidiary of Guaranty Trust Holding Company
IndustryFinancial services
Founded2008 (2008)
HeadquartersPlot 56 Kira Road, Kampala, Uganda
Key people
Jaqueline Busingye
Chairperson[1]
Oluwole Shodiyan
MD/CEO[1]
ProductsLoans, savings, investments, debit cards, credit cards
RevenueIncreaseAftertax: UGX1 billion (US$259,000) (2019)
Total assetsUGX:225 billion (approx. US$58.22million) (2019)
ParentGuaranty Trust Bank
Websitegtbank.co.ug/home/

Guaranty Trust Bank (Uganda), commonly referred to as GT Bank Uganda, is a Tier II credit services company in Uganda. It was previously licensed as commercial bank by Bank of Uganda, the central bank and the national banking regulator of that country.[2] The Bank of Uganda gave GTBank Uganda from 1 April 2024 until 30 June 2024 to transition from a Tier I commercial bank to a Tier II credit company, due to capitalization issues.[3]

Overview

As of December 2019, GT Bank Uganda had assets valued at UGX:225 billion (approx. US$58.22 million) with shareholders equity of UGX:38 billion (approx. US$9.83 million). That calendar year, the institution made UGX:2 billion (approx. $518,000) in pre-tax profit and UGX:1 billion (approx. $259,000) in after-tax profit, the first time the institution was profitable in the previous 12 years. GT Bank Uganda is a subsidiary of Guaranty Trust Bank (GTB), a Nigerian financial services conglomerate headquartered in Nigeria, with subsidiaries in several West, Central and East African countries.[4]

History

GT Bank (Uganda) was founded in 2008 as Fina Bank (Uganda), a subsidiary of the Fina Bank Group based in Kenya. In 2013, the Group sold 70 percent shareholding to GTB for a cash consideration of US$100 million.[5][6] In January 2014, the bank rebranded to its current name to reflect its current shareholding.[6][7]

Reclassification to Tier II class

In Q2 2022, the Ugandan Minister of Finance, in consultation with the Bank of Uganda, signed new regulations raising minimum capital levels for commercial banks from UGX:25 billion (approx. US$6.7 million) to UGX:150 billion (approx. US$40 million) by 30 June 2024. Due to its inability to raise the minimum capital requirements as stipulated, GTBank Uganda was authorized to downgrade to a Tier II credit financial institution, whose minimum capital requirements of UGX:25 billion (approx. US$6.8 million) it met, at that time.[8][9]

Branch Network

As of April 2024, GT Bank Uganda has a network of branches at the following locations:[10]

See also

References

  1. ^ a b GT Bank Uganda (2 April 2024). "The Board of Directors of GT Bank Uganda". GT Bank Uganda. Kampala, Uganda. Retrieved 2 April 2024.
  2. ^ Bank of Uganda (31 March 2023). "List of Licensed Commercial Banks As At March 2023" (PDF). Bank of Uganda. Kampala, Uganda. Archived from the original on 20 February 2024. Retrieved 2 April 2024.
  3. ^ Adonijah Ndege (27 March 2024). "GTBank loses commercial bank status after Bank of Uganda reclassification". TechCabal. Lagos, Nigeria. Retrieved 2 April 2024.
  4. ^ GTBank Group (April 2020). "GTBank Uganda Declares UGX2 Billion Profit After 12 Years of Operation". Guaranty Trust Bank. Lagos, Nigeria. Retrieved 2 April 2024.
  5. ^ BDA Reporter (November 2013). "Nigerian lender to buy 70 pc stake in Kenya's Fina bank". Business Daily Africa. Nairobi. Retrieved 3 November 2016.
  6. ^ a b "Fina Bank Uganda Sold To Nigerian Bank Group". Kampala. 23 January 2014. Retrieved 3 November 2016.
  7. ^ Kay, Chris (4 February 2014). "Nigeria's Guaranty Trust Completes Purchase of Kenya's Fina Bank". Bloomberg News. Retrieved 3 November 2016.
  8. ^ Osamu Ekhator (28 March 2024). "GTBank and 2 others to transition to credit institutions in Uganda by June". TechPoint Africa. Lagos, Nigeria. Retrieved 2 April 2024.
  9. ^ Christopher Kiiza (28 March 2024). "Financial Difficulties: 3 Banks Downgraded to Credit Institutions". Kampala, Uganda. Retrieved 2 April 2024.
  10. ^ GT Bank Uganda (2 April 2024). "List of GT Bank Uganda Branches". Linkedin.com. Retrieved 2 April 2024.
  11. ^ Vision Reporter (1 December 2009). "Fina Bank Targets Industrial Area". New Vision. Retrieved 3 November 2016.

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