Finance Trust Bank

Last updated

Finance Trust Bank
Company type Private
Industry Financial services
Founded1984;40 years ago (1984)
HeadquartersTWED Plaza, Lumumba Avenue, Nakasero, Kampala, Uganda [1]
Key people
Evelyn Kigozi Kahiigi
Chairperson [2]
Annet Nakawunde Mulindwa
CEO [2]
ProductsLoans, savings
Increase2.svg (Aftertax) UGX:3.73 billion (US$1.015 million) (2023) [3]
Total assets UGX:465.47 billion (US$126.6 million) (2023) [3]
Number of employees
878 (2022) [4]
Website financetrust.co.ug

Finance Trust Bank (FTB), commonly called Finance Trust, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. [5]

Contents

Location

The headquarters of FTB are located at TWED Plaza, Lumumba Avenue, Nakasero, in the Central Division of Kampala, Uganda's capital city. [1] The coordinates of the institution's headquarters are 0°19'18.0"N 32°34'35.0"E (Latitude:0.321667; Longitude:32.576389). [6]

History

FTB was founded in 1984 as Uganda Women's Finance Trust Limited. The objective was to provide financial services to low income people in Uganda, especially women. [7] [8] Sixty percent of the bank's customers are women. [9] Subsequently, the institution rebranded to Uganda Finance Trust Limited, a Tier III financial institution, recognized as a microfinance deposit-taking institution under the supervision of the Bank of Uganda. [10] On 11 November 2013, the Bank of Uganda granted the bank a full commercial banking license. The institution then rebranded to its current name. [11]

Overview

As of 31 December 2021, FTB serviced over 500,000 savers and over 29,000 borrowers through a network of 34 interconnected branches, located in all regions of the country. [12] As of 31 December 2023, the bank's total assets were valued at UGX:465.47 billion (approx. US$126.6 million) with shareholders' equity of UGX:68.59 billion (approx. US$18.65 million). [3]

Ownership

The stock ownership of the institution as of May 2018 is summarized in the table below. [13]

Finance Trust Bank Stock Ownership
RankName of OwnerPercentage Ownership
1Uganda Womens Trust (Uganda)20.10
2 Oikocredit Ecumenical Development Cooperative Society (Netherlands)19.60
3Progression Eastern African Micro Finance Equity Fund (Mauritius)18.30
4RIF North 1 (Mauritius)18.30
5Investment & Partner Afrique Entrepreneurs (Mauritius)14.20
6Ugandan Women Entrepreneurs (Uganda)9.50
Total100.0

Acquisition by Access Bank Group

In January 2024, Access Bank Group based in Nigeria agreed to acquire an 80 percent shareholding in Uganda's FTB. The deal involves the acquisition of shares of stock of existing institutional shareholders of FTB, followed by capital injection to increase FTB's capital base. The binding deal requires regulatory approval of the Central Bank of Nigeria, the Bank of Uganda and COMESA. Closure was expected in the first half of 2024. [14] [15]

COMESA approved the deal in May 2024. After the transaction is fully approved, the shareholding in the new Access Bank Uganda is expected to be as illustrated in the table below. [16]

Access Bank Uganda Stock Ownership
RankName of OwnerPercentage Ownership
1 Access Bank Group
80.89
2Uganda Womens Trust
12.89
3Minority Shareholders
6.22
Total
100.0

Branch network

As of April 2022, FTB maintained a network of 34 interconnected branches at the following locations: [17]

  1. Main Branch - Katwe Road, Katwe, Kampala
  2. Arua Branch - Arua
  3. Bombo Road Branch - Bombo Road, Kampala
  4. Busia Branch - Custom Road, Busia
  5. Entebbe Branch - Kampala Road, Entebbe
  6. Fort Portal Branch - Rukidi III Street, Fort Portal
  7. Gomba Branch - Kanoni, Gomba District
  8. Iganga Branch - Main Street, Iganga
  9. Ishaka Branch - Rukungiri Road, Ishaka
  10. Jinja Branch - Iganga Road, Jinja
  11. Kalangala Branch - Kalangala
  12. Kaleerwe Branch - Kaleerwe, Kampala
  13. Kampala Road Branch - Kampala Road, Kampala
  14. Kamuli Branch - Kitimbo Road, Kamuli
  15. Kamwenge Branch - Station Road, Kamwenge
  16. Kapchorwa Branch - 46 Kapchorwa Road, Kapchorwa
  17. Kayunga Branch - Main Street, Kayunga
  18. Kikuubo Branch - Nakivubo Road, Kampala
  19. Kitintale Branch - Kitintale - Kampala
  20. Kumi Branch - Ngora Road, Kumi
  21. Lugazi Branch - Kampala-Jinja Highway, Lugazi
  22. Lwengo Branch - Mbiriizi, Lwengo District
  23. Masaka Branch - Edward Avenue, Masaka
  24. Mbale Branch - Republic Street, Mbale
  25. Mbarara Branch - High Street, Mbarara
  26. Mukono Branch - Kampala–Jinja Highway, Mukono
  27. Nakivubo Branch - 30-32 Mackay Road, Freeman Foundation Building, Kampala
  28. Nansana Branch - Hoima Road, Nansana
  29. Nateete Branch - Masaka Road, Nateete
  30. Ntungamo Branch - Old Kabale Road, Ntungamo
  31. Owino Branch - Kafumbe Mukasa Road, Kampala
  32. Pallisa Branch - Kasodo Road, Pallisa
  33. Soroti Branch - Solot Avenue, Soroti
  34. Tororo Branch - Bazaar Street, Tororo

Governance

Evelyn Kigozi Kahiigi is the chairperson of the board of directors. She is one of the non-executive directors of the bank. There are ten other board members, including Annet Nakawunde Mulindwa, the managing director, and Annette Kiggundu is the only other executive director on the board. [2]

See also

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References

  1. 1 2 The Independent Uganda (25 December 2023). "Finance Trust Bank unveils new corporate head offices". The Independent (Uganda) . Kampala, Uganda. Retrieved 10 January 2024.
  2. 1 2 3 Finance Trust Bank (28 April 2022). "Finance Trust Bank: About Us: Board of Directors". Finance Trust Bank. Kampala. Retrieved 28 April 2022.
  3. 1 2 3 Finance Trust Bank (25 April 2024). "Finance Trust Bank Summary Financial Statement For The Twelve Months Ending 31 December 2023" (PDF). Finance Trust Bank. Kampala, Uganda. Retrieved 9 September 2024.
  4. ↑ Finance Trust Bank (January 2024). "Finance Trust Bank Annual Report For The One Year Ending 31 December 2022" (PDF). Finance Trust Bank. Kampala, Uganda. Retrieved 9 September 2024.
  5. ↑ Bank of Uganda (31 March 2017). "List of licensed Commercial Banks as at March 31, 2017" (PDF). Kampala: Bank of Uganda (BOU). Archived from the original (PDF) on 30 July 2017. Retrieved 18 August 2017.
  6. ↑ "Location of the Headquarters of Finance Trust Bank" (Map). Google Maps . Retrieved 10 January 2024.
  7. ↑ Finance Trust Bank (14 November 2016). "Trust Finance Bank About Us". Trust Finance Bank. Kampala, Uganda. Retrieved 14 November 2016.
  8. ↑ Justus Lyatuu (11 December 2016). "Uganda: Finance Trust, MTN, Airtel in Mobile Money Deal". The Observer (Uganda) via AllAfrica.com . Kampala, Uganda. Retrieved 17 August 2017.
  9. ↑ Oikocredit (31 July 2017). "Finance Trust Bank: Banking Services for Women". Oikocredit . London, United Kingdom. Retrieved 18 August 2017.
  10. ↑ David Ssempijja (21 February 2011). "Banks advised to embrace technology". New Vision . Kampala, Uganda. Retrieved 14 November 2016.
  11. ↑ David Mugabe (22 December 2013). "Banking remains attractive with Finance Trust as latest entrant". New Vision . Kampala, Uganda. Retrieved 14 November 2016.
  12. ↑ Muhereza Kyamutetera (27 April 2022). "Putting Women's Financial Inclusion First: Finance Trust Bank's 2021 Net Profit Grows 57 Per Cent". CEO Magazine Uganda. Kampala, Uganda. Retrieved 28 April 2022.
  13. ↑ Finance Trust Bank (28 May 2018). "Finance Trust Bank: OwnerShip and Capital Share". Kampala: Finance Trust Bank. Retrieved 28 May 2018.
  14. ↑ Busora Aro (17 January 2024). "Access Bank To Acquire 80 Percent Stake In Finance Trust Bank". TheCable . Lagos, Nigeria. Retrieved 18 January 2024.
  15. ↑ New Vision (18 January 2024). "Access Bank To Acquire Majority Stake In Finance Trust Bank". New Vision . Kampala, Uganda. Retrieved 18 January 2024.
  16. ↑ Paul Murungi (19 May 2024). "COMESA Clears Finance Trust Bank Acquisition And Merger With Nigeria's Access Bank". CEO Magazine Uganda. Kampala, Uganda. Retrieved 17 November 2024.
  17. ↑ Finance Trust Bank (28 April 2022). "Branch Network of Finance Trust Bank". Finance Trust Bank. Kampala, Uganda. Retrieved 28 April 2022.

00°19′18″N32°34′35″E / 0.32167°N 32.57639°E / 0.32167; 32.57639

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