National Bank of Commerce (Uganda)
| Private | |
| Industry | Financial Services |
| Founded | 1991 |
| Headquarters | Yusuf Lule Road, Kampala, Uganda |
|
Key people
|
Mathew Rukikaire Chairman |
| Products | Loans, Checking, Savings, Investments |
| Total assets | US$20 million (2008) |
National Bank of Commerce (Uganda) (NBCU) was a commercial bank in Uganda.
The bank provides banking services to individuals and to small and medium business enterprises. As of April 2009, the bank was the 22nd largest commercial bank in Uganda with an estimated asset valuation of approximately US$20 million or slightly more than 0.25% of all bank assets in the country.
The bank was formed in 1991, and was named Kigezi Bank of Commerce, with a mission to provide banking services and inexpensive loans to the Kigezi Community. During the mid-1990s, the Gidoomals, a family of Asian descent and Kenyan citizenship acquired 86% shareholding in the bank. In April 2008, the Gidoomal brothers sold their shares to Amos Nzeyi, Amama Mbabazi and Ruhakana Rugunda. The three, together with former Ugandan Finance Minister, Ezra Suruma, are shareholders and Directors of the bank. In July 2011, Emirates Link, an Abu Dhabi investment company, acquired shareholding in NBCU. Ugandan media reports indicated the bank will begin offering Islamic banking later in 2011.
As of August 2010, the three largest investors in the bank were Nzeyi, Mbabazi and Rugunda. The three owned 86% of the bank between them. The remaining 14% was owned by 320 other investors who included Ezra Suruma, Jim Muhwezi and retired Supreme Court Justice George Wilson Kanyeihamba. In 2008, there were press reports of a pending merger or sale of the bank, but those plans fell through. In October 2009, the investors from Abu Dhabi, invested US$10 million in the bank, without assuming ownership.
In July 2011, the Bank of Uganda approved the purchase of up to 49% of the stock of the bank by the Abu Dhabi investment company Emirates Link, owned by Ahmed Darwish Almarar, who became Chairman of NBCU. The remaining shareholding is still being worked out at this time. In October 2011, following the cash injection of Shs12 billion (approx.US$4.5 million) by the Middle-Eastern investors, shareholding in the bank is now as depicted in the table below:
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