UK based TLG Capital has acquired a 49 percent stake in Opportunity Bank Uganda Limited (OBUL) consequently becoming the largest shareholder. The move will see TLG Capital expand its footprint into Uganda financial sector with a network of 23 branches and 22 ATM points.
TLG Capital CFO, Isha Doshi, said the new acquisition is in line with the Fund’s goals of serving the unbanked and underbanked. In particular, OBUL products such as the bodaboda loan product to motorcycle riders, WASH (water and sanitation loans), and the education and laptop loans perfectly fit TLG Capital’s goals.
TLG Capital committed investments towards digital technology in light to the COVID19 pandemic that has pushed customers outside the banking halls and into online platforms.
Opportunity Bank is a tier 1 banking institution that lends small and medium enterprises (SMEs) in Uganda. MyBucks SA sold its entire 49 percent stake in OBUL. Other shareholders of the bank include Opportunity International Group 43%, Faulu Uganda 7%, and the Food for the Hungry 1%.
TLG other operations in Uganda include Cipla Quality Chemicals Ltd a pharmaceutical manufacturing, Vero Foods a water-bottling plant, and BAJ Service Stations in the fuel retail sector.