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Tier II financial institution in Uganda From Wikipedia, the free encyclopedia
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]
| |
| Company type | Subsidiary of Guaranty Trust Holding Company |
|---|---|
| Industry | Financial services |
| Founded | 2008 |
| Headquarters | Plot 56 Kira Road, Kampala, Uganda |
Key people | Jaqueline Busingye Chairperson[1] Oluwole Shodiyan MD/CEO[1] |
| Products | Loans, savings, investments, debit cards, credit cards |
| Revenue |  Aftertax: UGX1 billion (US$259,000) (2019) |
| Total assets | UGX:225 billion (approx. US$58.22million) (2019) |
| Parent | Guaranty Trust Bank |
| Website | gtbank |
As of December 2019[update], 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]
As of April 2024[update], GT Bank Uganda has a network of branches at the following locations:[10]
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