National Bank of Commerce gets $10m boost
Oct 15, 2009
THE Abu Dhabi Group has injected $10m (about sh20b) to capitalise the National Bank of Commerce.
By James Odomel
THE Abu Dhabi Group has injected $10m (about sh20b) to capitalise the National Bank of Commerce.
Ahmed Dagher, the group representative and the new chairman of the bank, said the investment would prepare the bank for its planned expansion.
“We want to help in developing Uganda. I thank everybody for their support,†he said during the annual general meeting last week.
Amos Nzeyi, the outgoing chairman, explained that the new investment would not affect their shareholding in the bank.
He told shareholders that he stepped down from the chairmanship in line with the central bank’s Financial Institutions Act of 2004, which prohibits shareholders from chairing banks.
Amama Mbabazi lauded Nzeyi for his good leadership in the last 17 years.
He said the new investors would inject up to $1b into the bank, making it one of the strongest.
The bank was founded by Nzeyi, Mbabazi, Ruhakana Rugunda, Amos Bakaine, Ezra Suruma and Justice George Kanyeihamba.
THE Abu Dhabi Group has injected $10m (about sh20b) to capitalise the National Bank of Commerce.
Ahmed Dagher, the group representative and the new chairman of the bank, said the investment would prepare the bank for its planned expansion.
“We want to help in developing Uganda. I thank everybody for their support,†he said during the annual general meeting last week.
Amos Nzeyi, the outgoing chairman, explained that the new investment would not affect their shareholding in the bank.
He told shareholders that he stepped down from the chairmanship in line with the central bank’s Financial Institutions Act of 2004, which prohibits shareholders from chairing banks.
Amama Mbabazi lauded Nzeyi for his good leadership in the last 17 years.
He said the new investors would inject up to $1b into the bank, making it one of the strongest.
The bank was founded by Nzeyi, Mbabazi, Ruhakana Rugunda, Amos Bakaine, Ezra Suruma and Justice George Kanyeihamba.