ABC Bank (Uganda)
| Company type | Private: subsidiary of ABC Bank (Kenya) |
|---|---|
| Industry | Financial services |
| Founded | 1992 |
| Headquarters | Colline House 4 Pilkington Road, PO Box 21091 Kampala, Uganda |
Key people | James Wilson Muwanga (chairman) Jesse Timbwa (CEO) Sreekumar Vamadevan (executive director)[1] |
| Products | Loans, savings, investments |
| Revenue | IncreaseAfter tax: UGX:803.63 million (2022) |
| Total assets | UGX: 62.14 billion (2022) |
Number of employees | 50 (2020) |
| Website | Homepage |
ABC Bank (Uganda), whose full name is ABC Capital Bank Uganda Limited, is a Tier II credit institution in Uganda that is licensed by the Bank of Uganda, the central bank and national banking regulator. Previously licensed as a commercial bank,[2] the institution was given from 1 April 2024 to 1 July 2024 to re-organize as a Tier II institution, close all customer checking accounts and cease dealing in foreign exchange.[3]
Overview
[edit | edit source]The bank provides banking services to large corporations, small-to-medium-sized businesses (SMEs), as well as individuals. As of December 2022, the bank's total assets were valued at about UGX:62.14 billion, with shareholders' equity of about UGX:32.34 billion.[4]
History
[edit | edit source]ABC Capital Bank was founded in 1992 as Capital Finance Corporation Limited (CFCL), a Tier III Ugandan Financial Institution, under the licensure and supervision of the Bank of Uganda. In 1999, CFCL established a wholly owned subsidiary, CFC Forex Bureau. In 2008, CFCL signed a memorandum of understanding with ABC Bank (Kenya), identifying the Kenyan institution as a strategic investor in CFCL in the latter's efforts to transform into a commercial bank. On 26 February 2010, following the acquisition of a commercial banking license from the Bank of Uganda, CFCL rebranded as ABC Capital Bank.[5]
Ownership
[edit | edit source]ABC Bank (Kenya) is an investor in ABC Bank (Uganda).[6] As of September 2019, the shareholding in ABC Capital Bank, is summarized in the table below:
| ABC Bank (Uganda) stock ownership | ||||||||||||
|
Branch network
[edit | edit source]As of December 2020, ABC Bank (Uganda) maintained networked branches at the following locations:[4]
- Main Branch - Colline House, 4C Pilkington Road, Kampala
- Luwum Street Branch - Pioneer Mansion, 11 Luwum Street, Kampala
- Kikuubo Branch - Fami Plaza, 21 Nakivubo Road, Kampala
Transition to Tier II status
[edit | edit source]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.[7] Due to its inability to raise the minimum capital requirements as stipulated, ABC Capital Bank 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.[3]
See also
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References
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External links
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