Nile Bank ceases to be legal entity
NILE Bank ceased to be a legal entity on August 1 as integration with Barclays gathers momentum, Barclays’ managing director Nick Mbuvi has said.
By Sylvia Juuko
NILE Bank ceased to be a legal entity on August 1 as integration with Barclays gathers momentum, Barclays’ managing director Nick Mbuvi has said.
“Today (August 1) is a milestone because we achieved legal integration.
The two institutions will operate as a single entity with Nile Bank turning into a division of Barclays Bank,†Mbuvi explained during an interview.
He said Nile Bank’s licence is set to be cancelled and its branches would operate under Barclays’ licence.
According to Mbuvi, while Nile Bank’s brand would continue to be visible, it would be phased out by November when the integration would be completed.
Barclays concluded acquisition of 100% stake in Nile Bank following the signing of a sale and purchase agreement on February 1.
The acquisition was completed on February 28 after obtaining approval from the Bank of Uganda. Mbuvi said no employee of Nile Bank would be laid off.
“We have plans to expand. Actually, one of the challenges was to get more staff to fill the branches we are opening, so there are opportunities,†he said.
Mbuvi said the two banks have 31 branches and more would be rolled out by the end of the year.
Barclays’ acquisition of Nile Bank is a departure from its high-street strategy. It used to concentrate its operations in Kampala.
NILE Bank ceased to be a legal entity on August 1 as integration with Barclays gathers momentum, Barclays’ managing director Nick Mbuvi has said.
“Today (August 1) is a milestone because we achieved legal integration.
The two institutions will operate as a single entity with Nile Bank turning into a division of Barclays Bank,†Mbuvi explained during an interview.
He said Nile Bank’s licence is set to be cancelled and its branches would operate under Barclays’ licence.
According to Mbuvi, while Nile Bank’s brand would continue to be visible, it would be phased out by November when the integration would be completed.
Barclays concluded acquisition of 100% stake in Nile Bank following the signing of a sale and purchase agreement on February 1.
The acquisition was completed on February 28 after obtaining approval from the Bank of Uganda. Mbuvi said no employee of Nile Bank would be laid off.
“We have plans to expand. Actually, one of the challenges was to get more staff to fill the branches we are opening, so there are opportunities,†he said.
Mbuvi said the two banks have 31 branches and more would be rolled out by the end of the year.
Barclays’ acquisition of Nile Bank is a departure from its high-street strategy. It used to concentrate its operations in Kampala.