Bank of India (Uganda)

Last updated
Bank of India (Uganda)
Company type Private
Industry Financial services
Founded2012
Headquarters Kampala, Uganda
Key people
Atanu Kumar Das
Group CEO
Dr Wenceslaus Rama Makuza
Chairman [1]
Vikash Krishna
Managing Director and CEO
Products Retail Banking, Corporate Banking, Investments, Remittances, Loans
RevenueIncrease2.svgAftertax:US$ 1,106,864 + (UGX 4.1 billion) (2018) [2]
Total assets (UGX 204 billion) (US$ 54.91 million) (2018)
Number of employees
40
Parent Bank of India
Website Homepage

Bank of India (Uganda) Limited (BOIUL), commonly referred to as Bank of India (Uganda), is a commercial bank in Uganda. The MD of this bank is Mr.Vikash Krishna. It is licensed by the Bank of Uganda, the national banking regulator. [3]

Contents

Overview

Bank of India Uganda Limited opened in 2012 with an objective to become a key financial player for corporate, medium business and up-market retail customers and developmental banking for micro and small business, while providing cost effective services. It offers a wide range of products that include savings deposit, current account, fixed deposits, recurring deposit, personal loans, retail loans, SME loans, corporate loans, bill discounting, letters of credit and bank guarantees. [4]

As of December 2018 Bank of India (Uganda) had total assets of USh 204 billion, with customer deposits of USh 125.45 billion, and a loan book of Shs 127.34 billion. During the 12 months ended 31 December 2018, the bank recorded a profit of USh 4.1 billion after taxes. [5]

History

Bank of India began its international expansion in 1946 by opening its first branch in London and the first Indian Bank to do so. It opened branches in Tokyo (1950), Singapore (1951), Kenya and Uganda (1953), Hong Kong (1960) and so on. Following the expulsion of Asians from the country by Idi Amin in 1972, BOIU sold its assets to Bank of Baroda and exited the country. In 2012, the BOIUL returned as it was issued a commercial banking license by the Bank of Uganda and it started business operations on 18 June 2012. The Bank has been making profits from the first year of its operations and declared the dividends in its fifth year of operations. The bank is one of the better performing bank amongst all the newer banks in the country in terms of business growth, profitability and asset quality with nil NPA. [6] [7] [8]

Bank of India Group

BOIUL is a member of the Bank of India Group, a financial services conglomerate whose shares are listed on the Bombay Stock Exchange. The stock of the group is 65.9 percent owned by the Government of India. The group is one of the five largest banks in India, with over 5,000 branches, spread over 23 countries (60 offices) and over 8,000 ATMs. The member companies of Bank of India Group include but are not limited to the following: [9]

Location

BOIUL has two branches located at 37 Jinja Road, Kampala-Jinja Highway, Kampala and at Equatorial Mall, Bombo Road, Kampala. [11]

See also

Related Research Articles

Before Uganda's independence in 1962, the main banks in Uganda were Barclays ; Grindlays, Standard Bank and the Bank of Baroda from India. The currency was issued by the East African Currency Board, a London-based body. In 1966, the Bank of Uganda (BoU), which controlled the issue of currency and managed foreign exchange reserves, became the central bank and national banking regulator. The government-owned Uganda Commercial Bank and the Uganda Development Bank were launched in the 1960s. The Uganda Development Bank is a state-owned development finance institution, which channeled loans from international sources into Ugandan enterprises and administered most of the development loans made to Uganda.

<span class="mw-page-title-main">Centenary Bank</span> Commercial bank in Uganda

Centenary Bank, also Centenary Rural Development Bank Limited (CRDBL), is a commercial bank in Uganda licensed by the Bank of Uganda, the central bank and national banking regulator.

<span class="mw-page-title-main">I&M Bank Uganda</span> Ugandan commercial bank

I&M Bank Uganda, formerly Orient Bank, whose complete name is I&M Bank (Uganda) Limited, is a commercial bank in Uganda which is licensed by the Bank of Uganda (BOU), the central bank and national banking regulator.

<span class="mw-page-title-main">Stanbic Bank Uganda Limited</span> Commercial bank in Uganda

Stanbic Bank Uganda Limited (SBU) is a commercial bank in Uganda and is licensed by the Bank of Uganda, the central bank and national banking regulator.

Bank of Africa Uganda Limited, also known as BOA Uganda (BOAU), is one of the commercial banks in Uganda that have been licensed by the Bank of Uganda, the country's central bank and national banking regulator.

The Bank of Baroda Uganda Limited (BOBU), is a commercial bank in Uganda that is majority owned by the Indian government owned banking and financial service conglomerate Bank of Baroda. BOBU is one of the commercial banks licensed by the Bank of Uganda, the central bank and national banking regulator.

<span class="mw-page-title-main">National Social Security Fund (Uganda)</span> Quasi-government agency

The National Social Security Fund (NSSF), is a quasi-government agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector in Uganda who are not covered by the Government Retirement Scheme. Participation for both employers and employees is compulsory. The Uganda National Social Security Fund is the largest pension fund in the countries of the East African Community, with total assets of USh18.58 trillion, as of June 2023.

Crane Bank Limited was a commercial bank in Uganda licensed and supervised by the Bank of Uganda (BOU), the central bank and national banking regulator. Crane Bank was acquired by DFCU Bank in January 2017 at a cost of Ush200 billion on grounds that it was undercapitalized as declared by the regulator Bank of Uganda.

<span class="mw-page-title-main">Equity Bank Uganda Limited</span> Bank in Uganda

Equity Bank Uganda Limited (EBUL), is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. EBUL is a subsidiary of Equity Group Holdings Limited, a financial service conglomerate with headquarters in Kenya and subsidiaries in six countries of the African Great Lakes Region.

PostBank Uganda is a commercial bank in Uganda, licensed and supervised by the Bank of Uganda, the country's central bank and national banking regulator. The bank received her tier-1 banking license in December 2021.

<span class="mw-page-title-main">Absa Bank Uganda Limited</span> Commercial bank in Uganda

Absa Bank Uganda Limited, formerly known as Barclays Bank of Uganda Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. The bank is a subsidiary of Absa Group Limited, a financial services conglomerate, based in South Africa, with banking subsidiaries in 12 African countries and representative offices in two other African countries. Absa Bank Group, whose shares trade on the JSE Limited, was reported to have total assets in excess of US$91 billion, as of October 2019. 

United Bank for Africa Uganda Limited, also UBA Uganda, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. UBA Uganda is a subsidiary of the United Bank for Africa, headquartered in Lagos, Nigeria, with a presence in twenty African countries, the United Kingdom, France, and the United States. The stock of UBA Transnational trades on the Nigeria Stock Exchange under the symbol UBA.

Pride Microfinance Limited (PMFL), is a microfinance deposit-taking institution (MDI) in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator.

Opportunity Bank Uganda Limited (OBUL), is a Tier II credit institution in Uganda. It was previously registered as a commercial bank by the Bank of Uganda, the central bank and national banking regulator. The institution received a commercial banking license on 25 September 2019.

Standard Chartered Uganda, whose official name is Standard Chartered Bank Uganda Limited but is often referred to as Stanchart Uganda, is a commercial bank in Uganda. It is one of the banks licensed by the Bank of Uganda, the central bank and national banking regulator.

FINCA Uganda Limited, also known as FINCA Uganda, is a microfinance deposit-accepting institution (MDI) in Uganda. It is licensed and regulated by the Bank of Uganda, the central bank and national banking regulator.

<span class="mw-page-title-main">Citibank Uganda</span> Commercial bank in Uganda

Citibank Uganda, is a commercial bank in Uganda operating as a wholly owned subsidiary of New York–based Citigroup. It is one of the regulated banking institutions licensed by the Bank of Uganda, the national banking regulator.

The Commercial Bank of Africa (Uganda)(CBAU) is a commercial bank in Uganda. The bank opened in 2014, following the issuance of a commercial banking license by the Bank of Uganda, the central bank and the national banking regulator. The bank is a member of the Commercial Bank of Africa Group (CBA Group), headquartered in Nairobi, Kenya.

Letshego Microfinance Uganda,, whose official name is Letshego Uganda Limited, is a Tier IV microfinance institution in Uganda.

EFC Uganda Limited (EFCUL), also known as EFC Uganda, was a microfinance deposit-taking institution (MDI) in Uganda whose license was withdrawn and liquidated by Bank of Uganda on 19 January 2024.

References

  1. ↑ Nalubega, Flavia (20 June 2012). "Bank of India Urged On Agriculture As It Resumes Operations". Daily Monitor . Kampala. Retrieved 1 May 2014.
  2. ↑ Businge, Julius (10 May 2013). "Bad Year For Banks". The Independent (Uganda) . Retrieved 1 May 2014.
  3. ↑ BOU (June 2015). "List of Licensed Commercial Banks As At June 2015" (PDF). Kampala: Bank of Uganda (BOU). Archived from the original (PDF) on 22 December 2015. Retrieved 18 December 2015.
  4. ↑ "BKIDUGKAXXX BIC / SWIFT Code - BANK OF INDIA (UGANDA) LTD Uganda". TransferWise. Retrieved 2020-05-29.
  5. ↑ Adengo, Jonathan (20 February 2018). "Bank of Uganda dismisses reports about taking over Bank of India". Daily Monitor . Kampala. Retrieved 20 February 2018.
  6. ↑ Businge, Julius (2 May 2012). "Bank of India Returns To Uganda". The Independent (Uganda) . Retrieved 1 May 2014.
  7. ↑ Nalubega, Flavia (8 June 2012). "New Banks Kick Off Operations Amid Market Volatilities". Daily Monitor . Retrieved 1 May 2014.
  8. ↑ Samuel Sanya, Andrew Ssenyonga (19 June 2012). "Bank of India Returns After 4 Decades". New Vision . Retrieved 1 May 2014.
  9. ↑ Nantaba, Eriosi (1 July 2012). "Bank of India Returns to Uganda". East African Business Week via AllAfrica.com . Retrieved 1 May 2014.
  10. ↑ "About Bank of India (Botswana)". Bank of India (Botswana). Retrieved 1 May 2014.
  11. ↑ BOIUL (20 February 2018). "The Branches of Bank of India (Uganda)". Kampala: Bank of India (Uganda) (BOIUL). Retrieved 20 February 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.