Guaranty Trust Bank (Uganda) | |
Type: | Subsidiary of Guaranty Trust Holding Company |
Location: | Plot 56 Kira Road, Kampala, Uganda |
Key People: | Jaqueline Busingye Chairperson Oluwole Shodiyan MD/CEO[1] |
Assets: | UGX:225 billion (approx. US$58.22million) (2019) |
Parent: | Guaranty Trust Bank |
Revenue: | Aftertax: UGX1 billion (US$259,000) (2019) |
Industry: | Financial services |
Products: | Loans, savings, investments, debit cards, credit cards |
Guaranty Trust Bank (Uganda), commonly referred to as GT Bank Uganda, is a Tier II credit services company in Uganda. It was previously licensed as commercial bank by Bank of Uganda, the central bank and the national banking regulator of that country.[2] The Bank of Uganda gave GTBank Uganda from 1 April 2024 until 30 June 2024 to transition from a Tier I commercial bank to a Tier II credit company, due to capitalization issues.[3]
, GT Bank Uganda had assets valued at UGX:225 billion (approx. US$58.22 million) with shareholders equity of UGX:38 billion (approx. US$9.83 million). That calendar year, the institution made UGX:2 billion (approx. $518,000) in pre-tax profit and UGX:1 billion (approx. $259,000) in after-tax profit, the first time the institution was profitable in the previous 12 years. GT Bank Uganda is a subsidiary of Guaranty Trust Bank (GTB), a Nigerian financial services conglomerate headquartered in Nigeria, with subsidiaries in several West, Central and East African countries.[4]
GT Bank (Uganda) was founded in 2008 as Fina Bank (Uganda), a subsidiary of the Fina Bank Group based in Kenya. In 2013, the Group sold 70 percent shareholding to GTB for a cash consideration of US$100 million.[5] [6] In January 2014, the bank rebranded to its current name to reflect its current shareholding.[6] [7]
In Q2 2022, the Ugandan Minister of Finance, in consultation with the Bank of Uganda, signed new regulations raising minimum capital levels for commercial banks from UGX:25 billion (approx. US$6.7 million) to UGX:150 billion (approx. US$40 million) by 30 June 2024. Due to its inability to raise the minimum capital requirements as stipulated, GTBank Uganda was authorized to downgrade to a Tier II credit financial institution, whose minimum capital requirements of UGX:25 billion (approx. US$6.8 million) it met, at that time.[8] [9]
, GT Bank Uganda has a network of branches at the following locations:[10]