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New UBA bank targets regional market

By Vision Reporter

Added 24th February 2008 03:00 AM

UNITED Bank of Africa (UBA), one of the largest banks in West Africa, has staked a capital investment of $12m (about sh20b) into operations in Uganda, as it positions itself to make forays into the regional market.

UNITED Bank of Africa (UBA), one of the largest banks in West Africa, has staked a capital investment of $12m (about sh20b) into operations in Uganda, as it positions itself to make forays into the regional market.

By Sylvia Juuko

UNITED Bank of Africa (UBA), one of the largest banks in West Africa, has staked a capital investment of $12m (about sh20b) into operations in Uganda, as it positions itself to make forays into the regional market.

Manz Denga, the UBA managing director, said on Thursday that the bank will launch its operations in April with three branches.

The number will increase to seven by June as the bank expands to Fort Portal, Mbarara, Jinja and Mbale.

“Uganda is our first port of call for our entry into the East African market. In Kenya, the process has been slowed down.

“We want to buy a bank in Tanzania and we have done due diligence,” he said.

The entry of UBA is expected to heighten competition and eventually lower the cost of borrowing.

“Interest rates are high in the banking sector. We can be able to lend money at lower rates and still earn money from other operations,” Denga said.

UBA will have its local head office at Spear House.

New UBA bank targets regional market

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