Uganda’s Commercial Banks regulator, Bank of Uganda (BOU) has sold all the 58.6% shares of Imperial Bank Uganda Limited to Tanzania’s Exim Bank (Uganda) Limited for Ksh 691 Million (US$6.788 million) in an effort to refund the Bank’s Depositors who are claiming approximately Ksh 370 Million(US$3.685 million)
Imperial Bank Uganda was placed under receivership by the Bank Of Uganda for engaging in unsafe banking in October 2015,following a similar action by Kenya’s regulator.
“CBK and Kenya Deposit Insurance Corporation (KDIC) have been working closely with BOU on an appropriate solution to these shares. CBK is very supportive of BOU’s actions, exercising its statutory powers as the regulator in that jurisdiction and seeking an outcome that does not jeopardize financial sector stability.Net of interbank deposits and other transaction costs, the amount due to KDIC is US$3.685 million. CBK and KDIC continue to work with all concerned parties towards an expeditious solution for Imperial Bank” Read a statement from Central Bank Of Kenya.
“Bank of Uganda (BoU) has recently sold 58.6 per cent ordinary shares of Imperial Bank (Uganda), formerly held by Imperial Bank (Kenya), to Exim Bank (Tanzania) Ltd,” Read a statement from Bank of Uganda.
However, Kenya’s Central Bank says work by forensic auditors and other investigative agencies is ongoing all these aimed at protecting the interests of Imperial Bank depositors.
