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Finance Trust Bank

Commercial bank in Uganda From Wikipedia, the free encyclopedia

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Finance Trust Bank (FTB), commonly called Finance Trust, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator.[5]

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Location

The headquarters of FTB are located at TWED Plaza, Lumumba Avenue, Nakasero, in the Central Division of Kampala, Uganda's capital city.[1] The coordinates of the institution's headquarters are 0°19'18.0"N 32°34'35.0"E (Latitude:0.321667; Longitude:32.576389).[6]

History

FTB was founded in 1984 as Uganda Women's Finance Trust Limited. The objective was to provide financial services to low income people in Uganda, especially women.[7][8] Sixty percent of the bank's customers are women.[9] Subsequently, the institution rebranded to Uganda Finance Trust Limited, a Tier III financial institution, recognized as a microfinance deposit-taking institution under the supervision of the Bank of Uganda.[10] On 11 November 2013, the Bank of Uganda granted the bank a full commercial banking license. The institution then rebranded to its current name.[11]

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Overview

As of 31 December 2021, FTB serviced over 500,000 savers and over 29,000 borrowers through a network of 34 interconnected branches, located in all regions of the country.[12] As of 31 December 2023, the bank's total assets were valued at UGX:465.47 billion (approx. US$126.6 million) with shareholders' equity of UGX:68.59 billion (approx. US$18.65 million).[3]

Ownership

The stock ownership of the institution as of May 2018 is summarized in the table below.[13]

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Acquisition by Access Bank Group

In January 2024, Access Bank Group based in Nigeria agreed to acquire an 80 percent shareholding in Uganda's FTB. The deal involves the acquisition of shares of stock of existing institutional shareholders of FTB, followed by capital injection to increase FTB's capital base. The binding deal requires regulatory approval of the Central Bank of Nigeria, the Bank of Uganda and COMESA. Closure was expected in the first half of 2024.[14][15]

COMESA approved the deal in May 2024. After the transaction is fully approved, the shareholding in the new Access Bank Uganda is expected to be as illustrated in the table below.[16]

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Branch network

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As of April 2022, FTB maintained a network of 34 interconnected branches at the following locations:[17]

  1. Head Office - Twed Plaza, Lumumba Avenue
  2. Katwe Branch Kampala-Entebbe Road, Katwe, Kampala
  3. Arua Branch - Arua
  4. Bombo Road Branch - Bombo Road, Kampala
  5. Busia Branch - Custom Road, Busia
  6. Entebbe Branch - Kampala Road, Entebbe
  7. Fort Portal Branch - Rukidi III Street, Fort Portal
  8. Gomba Branch - Kanoni, Gomba District
  9. Iganga Branch - Main Street, Iganga
  10. Ishaka Branch - Rukungiri Road, Ishaka
  11. Jinja Branch - Iganga Road, Jinja
  12. Kalangala Branch - Kalangala
  13. Kaleerwe Branch - Kaleerwe, Kampala
  14. Kampala Road Branch - Kampala Road, Kampala
  15. Kamuli Branch - Kitimbo Road, Kamuli
  16. Kamwenge Branch - Station Road, Kamwenge
  17. Kapchorwa Branch - 46 Kapchorwa Road, Kapchorwa
  18. Kayunga Branch - Main Street, Kayunga
  19. Kikuubo Branch - Nakivubo Road, Kampala
  20. Kitintale Branch - Kitintale - Kampala
  21. Kumi Branch - Ngora Road, Kumi
  22. Lugazi Branch - Kampala-Jinja Highway, Lugazi
  23. Lwengo Branch - Mbiriizi, Lwengo District
  24. Masaka Branch - Edward Avenue, Masaka
  25. Mbale Branch - Republic Street, Mbale
  26. Mbarara Branch - High Street, Mbarara
  27. Mukono Branch - Kampala–Jinja Highway, Mukono
  28. Nakivubo Branch - 30-32 Mackay Road, Freeman Foundation Building, Kampala
  29. Nansana Branch - Hoima Road, Nansana
  30. Nateete Branch - Masaka Road, Nateete
  31. Ntungamo Branch - Old Kabale Road, Ntungamo
  32. Owino Branch - Kafumbe Mukasa Road, Kampala
  33. Pallisa Branch - Kasodo Road, Pallisa
  34. Soroti Branch - Solot Avenue, Soroti
  35. Tororo Branch - Bazaar Street, Tororo
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Governance

Evelyn Kigozi Kahiigi is the chairperson of the board of directors. She is one of the non-executive directors of the bank. There are ten other board members, including Annet Nakawunde Mulindwa, the managing director, and Annette Kiggundu is the only other executive director on the board.[2]

See also

References

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