Global Trust Bank cancels traders loans

Apr 14, 2009

GLOBAL Trust Bank has cancelled sh95m loans that traders operating in the Nakivubo Park Yard Market in Kampala had. The traders lost their merchandise and money when the market was gutted by fire last month.

By James Odomel

GLOBAL Trust Bank has cancelled sh95m loans that traders operating in the Nakivubo Park Yard Market in Kampala had. The traders lost their merchandise and money when the market was gutted by fire last month.

“The bank sympathises with the traders, the most of whom are our customers. “Writing off these loans offers them a fresh start to rebuild their businesses,” Richard Byarugaba, the managing director, said while handing over the loan clearance letters recently.

Nakivubo Park Yard Market has a population of over 40,000 traders. Most of them were Commercial Micro Finance (CMF) customers.

The bank was, however, acquired by Global Trust Bank last year. “You can apply for new loans to rebuild your stalls and increase your working capital,” Byarugaba told the jubilant traders.

Global Trust Bank acquired CMF in July 2008 and has recently rebranded all the 14 outlets of the former CMF.

Global Trust Bank is owned by the Industrial and General Insurance Plc of Nigeria and Uganda’s National Insurance Corporation.

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