December 6, 2016 No Comments
Cairo International Bank Uganda (CIB) Rebrands
Cairo Bank Uganda Limited is a bank that has been operating in Uganda since 1995, and is regulated by the Bank of Uganda, offering a full range of banking services including; deposit taking, lending, treasury and trade etc.
Cairo Bank Uganda recently re-branded following rumors that the central bank was planning to put it under receivership due to non performance and low asset base. Cairo international Bank Uganda was implicated in the Pension scam in 2013 where civil servants from the ministry of Public service stole billions of pensioners money.
The Bank opened new branches in Mbarara Municipality. According to the Cairo Bank Chairman, this was strategic because Mbarara Municipality is among-st one of the fastest growing urban centers in Uganda. Cairo International Bank is owned by four public sector banks in Egypt.
With an asset base of 30 million dollars in 2011, Cairo bank had a market share of one parentage in the banking industry of Uganda. This placed Cairo Bank Uganda in the tail end of profitable commercial banks in interms of assets base.
Uganda has a total of 25 Commercial Banks currently licensed by the bank of Uganda. However in recent times, the central bank has had to come in to take over some banks which were deemed to have very low capital requirements. Some of these include; Global Trust bank, National Bank of Commerce and recently Crane Bank limited. Crane bank limited is owned by businessman Sudhir Ruparelia and his family. It has been one of the biggest indigenous owned banks in the country.
Cairo International Bank is located on Kampala Road opposite the Bank of Uganda.