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Barclays Uganda moves to reassure clients on stability

By John Odyek

Added 1st March 2016 09:04 PM

Rakesh Jha, managing director said Barclays Uganda was very strong, with sufficient capital and has enough funds to meet the needs of all customers

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Rakesh Jha (C), Barclays Uganda's managing director addressing the press at the bank's headquarters about the bank's future operations. Photo by Oyet Okwera

Rakesh Jha, managing director said Barclays Uganda was very strong, with sufficient capital and has enough funds to meet the needs of all customers

Barclays Bank of Uganda Ltd has assured their customers that they will be not affected by changes of its main shareholder Barclays Africa Group Ltd (BAGL).

BAGL is the principle shareholder for Barclays Bank Uganda Ltd. The UK-based Barclays PLC which owns 62.3% of BAGL has announced that it is reducing its majority interests to minority position in BAGCL.

The bank wants to refocus on its core U.K. and U.S. markets and to meet banking regulatory requirements of the UK. The regulatory requirements have proved to be a challenge to the London based firm.

Rakesh Jha, managing director Barclays Uganda told journalists in Kampala on Tuesday that there was no direct relationship between the London based firm, Barclays PLC and Barclays Bank Uganda Ltd.

 arclays ank is the fifthlargest commercial bank in ganda with assets valued at over 504m and opened in ganda in 1927 Barclays Bank is the fifth-largest commercial bank in Uganda, with assets valued at over $504m and opened in Uganda in 1927.

 

"BAGL is an independent entity listed on the Johannesburg Stock Exchange and it is regulated by the South African Reserve Bank," Jha said.

He added that Barclays Uganda was very strong, with sufficient capital and has enough funds to meet the needs of all customers.

Jha stressed that Barclays Uganda was well capitalized with strong liquidity to meet all customers' needs.  Africa has developed many small aggressive and competitive banking institutions that have made business very competitive for big corporations.

Jha said many local institutions were growing and offering competition to multinational companies.

Barclays Bank of Uganda Limited employs more than 800 individuals and has 42 branches and 71 automated teller machines in service.

The bank is the fifth-largest commercial bank in Uganda, with assets valued at over $504m (sh1.5 trillion). The bank opened in Uganda in 1927.

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