Bank of India returns after 4 decades

By Samuel Sanya & Andrew Ssenyonga

THE Bank of India (BOI) has relaunched operations in Uganda after a 40 year hiatus following the expulsion of Asians of Indian Origin in 1972.

The bank returns at a time when the local banking industry is witnessing slower credit growth due to the Central banks tight monetary policy.

Alok Misra, the BOI group chief executive said that the bank will look at funding the agricultural sector and borrow from their experience in India to fund businesses in steel, Tourism, Transport, Real Estate and Construction.

Our decision to venture into Uganda is guided by the fact that India and Uganda have ties that are centuries old. Coming to the financial sector, both have a vibrant financial system.”

Both countries are emphasizing the development of agriculture and the Small and Medium Enterprises in addition to the inclusion of unbanked populations into the financial sector,” he said in an interview.