Exim Bank of Tanzania has taken over majority shareholding and operations of Imperial Bank Uganda. The Tanzanian Bank has attained 58.6% of shareholding in Imperial Bank, formerly owned by Mukwano Group, after months of financial uncertainty and liquidation. Exim Bank of Tanzania is trying to establish its foot prints in
Uganda, so dominating Imperial Bank was seen as an opportunity worth the gamble.
Imperial Bank was taken over by the Central Bank a couple of Months ago, after reports of an eminent financial collapse.
Speaking at the launch, the Governor Bank of Uganda Prof Emmanuel Tumusiime Mutebile declared the uplift of Bank of Uganda controls over Imperial Bank that is coded Exim bank.
MUTEBILE EMMANUEL, MANAGER BOU
The Chief Executive Officer for Exim bank Arora Dinesh was optimistic of a huge financial business success in Uganda.
DINESH ARORA, CEO EXIM BANK TZ
With a total asset of 1.250 trillion Tanzania shillings, Exim bank looks forward to leveraging various sectors of the economy, including the Agricultural, Industrial and Processing Sector.
BYTEMANEK YOGESH, DIRECTOR EXIM BANK .
Exim bank holds 58.60% in the newly formed Exim bank Uganda limited, while 36.5% of the shares is held by Mukwano Group and 4.9% by Export Finance Limited.