Global Trust Bank closed

Jul 25, 2014

Bank of Uganda has taken over the management of Global Trust bank.

By Faustine Odeke

Bank of Uganda has taken over the management of Global Trust Bank.


“In exercise of its powers under section 88 [1] [a] and [b] of the Financial Institutions Act 2004, Bank of Uganda has effective today July 25 taken over the management of Global Trust bank [U] Ltd,” Bank of Uganda governor Emmanuel Tumusime Mutebile said in a statement issued Friday.

According to a statement, Mutebile said the bank will remain closed until further notice. He said depositors will be informed of arrangement to access their deposits.

‘’Bank of Uganda reassures the public that we will continue to protect depositors interest and maintain the stability of the financial sector,’’ he said.

 

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