Bank of India (Uganda)

Bank of India (Uganda)
Private
Industry Financial Services
Founded 2012
Headquarters Kampala, Uganda
Key people

Dinabandhu Mohapatra
Group CEO
Peter Kabatsi
Chairman[1]

Ajay Panth
Managing Director and CEO
Products Retail Banking, Corporate Banking, Investments, Remittances, Loans
Revenue IncreaseAftertax:US$ 646,325 + (UGX 2.3 billion) (2016)[2]
Total assets (UGX 156 billion) (US$ 43.27 million) (2016)
Number of employees
 35
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. It is licensed by the Bank of Uganda, the national banking regulator.[3]

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.

As of December 2016 Bank of India (Uganda) had total assets of USh156 billion, with customer deposits of USh99.1 billion, and a loan book of Shs71.9 billion. During the 12 months ended 31 December 2016, the bank recorded a profit of USh2.3 billion, after taxes, making it the 15th most profitable bank in Uganda in 2016 out of the 24 banks in the country at that time.[4]

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 in March 2012. BOIUL commenced business operations on 10 June 2012. The Bank has been making profits from the first year of its operations. [5][6][7]

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:[8]

Location

BOIUL has two branches located at 37 Jinja Road, Kampala-Jinja Highway, Kampala and at Equatorial Mall, Bombo Road, Kampala.[10]

See also

References

  1. ↑ Nalubega, Flavia (20 June 2012). "Bank of India Urged On Agriculture As It Resumes Operations". Daily Monitor. 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). Retrieved 18 December 2015.
  4. ↑ Adengo, Jonathan (20 February 2018). "Bank of Uganda dismisses reports about taking over Bank of India". Daily Monitor. Kampala. Retrieved 20 February 2018.
  5. ↑ Businge, Julius (2 May 2012). "Bank of India Returns To Uganda". The Independent (Uganda). Retrieved 1 May 2014.
  6. ↑ Nalubega, Flavia (8 June 2012). "New Banks Kick Off Operations Amid Market Volatilities". Daily Monitor. Retrieved 1 May 2014.
  7. ↑ Samuel Sanya, Andrew Ssenyonga (19 June 2012). "Bank of India Returns After 4 Decades". New Vision. Retrieved 1 May 2014.
  8. ↑ Nantaba, Eriosi (1 July 2012). "Bank of India Returns to Uganda". East African Business Week via AllAfrica.com. Retrieved 1 May 2014.
  9. ↑ "About Bank of India (Botswana)". Bank of India (Botswana). Retrieved 1 May 2014.
  10. ↑ BOIUL (20 February 2018). "The Branches of Bank of India (Uganda)". Kampala: Bank of India (Uganda) (BOIUL). Retrieved 20 February 2018.
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